Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The reason we introduced the sections that provide for a new regime for drilling for offshore oil and gas reserves is, as Deputy Rabbitte pointed out, that Wood Mackenzie recommended against retroactive impositions, as did the all-party committee. The Government relied on the Wood Mackenzie report and Deputy Rabbitte's advice. I am very pleased that no one moved an amendment to change the rates that are enshrined in the Bill.

That suggests to me that all of the Deputies are happy that we have the right rates and that the only issue is the one raised by Deputies Pearse Doherty and Peadar Tóibín.

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