Bernard Durkan (Kildare North, Fine Gael)
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Question 419: To ask the Minister for Communications, Energy and Natural Resources the extent to which he has satisfied himself regarding the adequacy of the oil and gas exploration licensing regime, having particular regard to the increased exploration activity and at the same time protecting the interests of the taxpayer; and if he will make a statement on the matter. [35996/07]

Eamon Ryan (Dublin South, Green Party)
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The Deputy will be aware that in August of this year I announced revised licensing terms for oil and gas exploration and production. The decision to revise the fiscal licensing terms followed an independent review that included a comparative analysis of eight other exploration areas. That review had regard to energy prices, water depths, operating and capital costs, along with the key consideration of Ireland's relative prospects as a location for exploration investment. The review recommended that Ireland's fiscal terms should be revised to provide for a higher tax take in the case of more profitable fields while holding the tax take at 25% in the case of more marginal fields. The decision provides for a tax take of up to 40% in the case of more profitable fields. I also revised the non-fiscal licensing terms with a view to ensuring that exploration is conducted in both a timely and effective manner.

I am satisfied that Ireland's revised licensing terms strike the right balance. They are designed to attract what is mobile international investment, while ensuring a fair return to the State for its natural resources.

Bernard Durkan (Kildare North, Fine Gael)
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Question 420: To ask the Minister for Communications, Energy and Natural Resources the extent of gas, oil or other mineral finds on or offshore in the past 12 months; and if he will make a statement on the matter. [35997/07]

Eamon Ryan (Dublin South, Green Party)
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During 2007, two finds were made in the North Celtic Sea Basin off the south coast. Island Oil and Gas Limited encountered gas at the Schull prospect in block 57/2, while Providence Resources Limited identified an oil accumulation at the Hook Head prospect in block 50/11. In addition, Island Oil and Gas Limited successfully appraised its 2006 Old Head gas discovery in block 49/23. There were no other mineral finds.

In all three cases further studies are being undertaken to determine whether these accumulations can be progressed to commercial developments.