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

It is not a question of Deputy Murphy coming to the House with a jar of oil and stating that there is oil out there; of course there is oil out there. The question is whether it is commercially extractable. It would take a further two or three drillings to establish whether Barryroe is commercially viable, and I hope those drillings are successful. The company involved has been seeking for some time to farm in investment because it does not have sufficient funding to determine whether Ballyroe is a commercial find, which I hope will be the case.

The net point is the one Deputy Durkan made about the strike rate. The reason things are the way they are in Norway is the country's unique geology. Whether one sets the tax rate at 55%, 80% or 100%, it will not change the geology of Ireland.

I am glad that we were able to secure all-party agreement on this measure, given the point at which we started. I welcomed the agreement at the time as it represented considerable progress. The measure before us is likely to last for a decade or so.

To answer Deputy Doherty's question, there is nothing to prevent the Minister for Finance of the day, as the Minister of a sovereign Government, from introducing whatever proposals he chooses. However, we have regard to our reputation in this area, and when contracts are entered into on particular terms, they should apply until they are changed in the way that we have changed them in this Bill. I am proud of this particular change, as recommended by Wood Mackenzie following considerable debate among colleagues in the House. I hope it will lead to an increase in the level of prospecting offshore in Ireland and, as a result, provide more gas for the spanking new terminal off north Mayo. I also hope it will result in an oil find.

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