Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

-----to remember the history of the Corrib gas field. If we spend 15 or 20 years exploring, drilling and bringing our product ashore our reputation abroad will suffer dramatically because nobody wants to be associated with that kind of long drawn out hassle. I agree that all national requirements must be complied with, such as licensing and planning permission. The best practices should prevail at all times. We must be sure to go through all the necessary procedures. We cannot go on moaning about this forever because if we want oil and gas we must bring it ashore. If we do not do that somebody else will. We had better recognise that. International investors will always look at our record, which shows very little progress and a very long time to achieve it.

I agree that the Exchequer and the people need to benefit from any finds on or off our shore. I have pursued that objective for years in this House, as have many Ministers, and will continue to do so. It is important to do the best thing for the economy. I do not have time to go into detail, but suffice to say that we do not know much about the full potential of our reserves but 12 times the world's known resources in terms of reserves of coal and potential for coal and gas exist immediately off the coast of Norway. That is several times this country's potential.

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That is why the success rate in Norway is much greater. The potential for successful oil speculation is much greater in Norway because of the law of averages. If one is going to have a success rate of one in eight, one in seven or one in five in one country, it is obviously a much better bet than a country where there is a success rate of one in 40. There is a massive difference in the costs associated with this activity in either jurisdiction. It is good to have this useful and authoritative report on hand. We need to use it in the best way possible to develop this country's oil and gas industry for the benefit of the people. We should spend less time moaning about what might have been. If we want to get full employment across the length and breadth of this country, we need to ensure we have a good energy policy that makes adequate energy resources available to all the population.

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