John Gerard Hanafin (Fianna Fail)

I join other Members in their call for a debate on energy, especially on foot of the apology made by the managing director of Shell, which was a good start. In the wider context, while I am not personally in favour of the nuclear energy option, it is interesting to note that Ukraine, in which Chernobyl is situated, is considering an increase in its number of nuclear reactors. Hence, this debate would be worthwhile.

Evidently we have some resources. I refer to the gas that is offshore, in an area which is three or more times greater than our land area. Recently, some Opposition Members called for the State to become involved in exploration, which may be an answer. However, as for discussing the terms given to oil companies to induce exploration, it was not possible to induce anyone to go offshore and spend €40 million or €60 million per well at a time when oil cost $5 per barrel. Realistically, one cannot expect an entrepreneur, who by definition is a risk-taker, to risk money with no chance of return. Evidently, the laws reflected the reality at the time.

We cannot act like el Presidente of some South American country and decide that as the situation has changed, the rules for such individuals may be changed. That would be unfair. The oil companies came here under certain conditions and while we will ask them to apply those conditions, vast areas have yet to be explored. I look forward to the day when we are a major producer.