Willie O'Dea (Limerick City, Fianna Fail)
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To ask the Minister for Communications, Energy and Natural Resources his views on the assessment of the International Energy Agency in its World Energy Outlook report that fears of peak oil are unfounded; and if he will make a statement on the matter. [53273/12]

Pat Rabbitte (Dublin South West, Labour)
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The recently published IEA World Energy Outlook 2012 outlines how ongoing discoveries of oil and new methods of extraction of oil and gas combined with increased use of renewable resources continue to change the fossil fuel landscape as well as having impacts on global energy markets. Oil production is projected to rise from 84million barrels per day in 2011 to 97 million barrels per day in 2035 with the increase coming from natural gas liquids and unconventional sources.

Energy policy objectives for Ireland and the European Union are delivering security of supply and reducing the impact of energy costs for consumers and business, through the development of renewable energy resources, enhanced energy efficiency and greater competition.

National and EU energy policy objectives are also informed by the critical work of the IEA on all aspects of energy supply.

Oil prices are impacted by geo-political uncertainties and fluctuating economic demand in OECD and developing economies. Volatility in global oil prices underscore the Government’s commitment to delivering national energy efficiency and renewable energy objectives which are aimed at moving the economy away from over reliance on imported carbon intensive fossil fuels. Irrespective of new global oil and, in particular, gas scenarios, Ireland needs to sustain all efforts to reduce the fossil fuel bill and reduce emissions.

The electrification of transport offers potential for Ireland, not just in terms of energy savings but also because of the opportunity to better utilise grid sourced renewable electricity, as work continues to progressively deliver on the target of 40% renewable generation by 2020.

The Biofuel Obligation Scheme is also enabling the sustainable growth of an Irish biofuels market affording opportunities for indigenous biofuel producers and displacing traditional oil products in the transport sector.

The Government is also committed to continuing and enhancing the delivery of significant energy efficiency improvements across the commercial, public and private sector. Energy efficiency will progressively reduce Ireland’s dependence on imported fossil fuels, while supporting energy competitiveness and security as well as employment and economic activity and reducing emissions.