Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

It is exceptionally obvious that if the company had found commercial oil it would have developed it. That it handed the licence back to the State meant it did not believe there was potential at the time, notwithstanding the fact that some oil was found.

We are trying to get more companies to go into such fields along our coast. We announced recently that we would open the Atlantic margin for a new run next year. We want more companies to get involved. This and next year we will have spent €20 million on studying the geological and seismic conditions. This will make it easier to identify sites that may have the potential to be exploited, given the changes in technology. No one is sitting on the oil because no one has it. That company handed back its licence.

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