Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

We can talk all we like about €600 billion in oil revenues. The problem is, we have not found any oil. I thank the Minister for giving expression in legislation to the new regime, which will last for a decade and will give certainty to the industry. It will also ensure there is a return to the State on a field-by-field basis. A company will not be able to drill in offshore Ireland and write off its profits on a particular find against a range of drillings elsewhere. Tax will be charged on each particular field. It is a reasonable balance and is likely to last for a decade. It dates from immediately after I got Government approval at the time. All parties agreed that there would not be retrospective application and, therefore, we should broadly welcome it and move on.

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