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

It is very difficult to deal with this subject in two minutes. Deputy Boyd Barrett made some positive comments, with particular reference to climate change and the responsibility on all of us to make alternative arrangements. However, he is not entirely correct in citing the various geological surveys, as the cost of drilling off the coast of Ireland is different from the equivalent cost in Norway. I referred previously to information that was made available to the committee in its previous incarnation to the effect that what would be viewed as commercially viable and worth drilling off the coast of Norway would be viewed completely differently by a commercial enterprise in terms of attracting the necessary investment to drill off our coast.

While I have no difficulty with the concept of taxation, it remains the position that exploration companies must have funds from some quarter if they are to drill. If they carry out an exploration test, they will also have to carry out a drill, and if the drill is deep, as is invariably the case off the coast of Ireland, they will have to have more money to spend. They will not do this unless they have some degree of confidence that they will at least get some of their money back or be compensated for their activities.

This returns me to my comment that it would be nice to get exploration companies and hard-headed bankers to operate on a not-for-profit basis. I would love lending institutions to offer funding to various exploration agencies on a not-for-profit basis, but they do not do so. I would love to be introduced to some such institution, because it would be of great benefit to the economy, particularly given the position it has been in for some years.

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