Terence Flanagan (Dublin North East, Independent)
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428. To ask the Minister for Communications, Energy and Natural Resources if he has any plans to change the law to ensure that Ireland does not sell off any oil venture; and if he will make a statement on the matter. [19084/14]

Pat Rabbitte (Dublin South West, Labour)
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To date the only commercial discoveries of petroleum made in the Irish offshore since exploration began are the three producing gas fields in the Kinsale area, along with the Corrib gas field. To date, there have been no commercial discoveries of oil in the Irish offshore. The Government’s strategy for the exploitation of the State’s hydrocarbon resources aims to maximize the level of exploration activity and increase the level of production activity, while ensuring a fair return to the State. Core elements of this strategy are: maximizing the benefits to the people of Ireland from its indigenous natural resources; providing opportunities and encouraging private industry to take the risk associated with exploration; taking initiatives to deepen knowledge of the potential of Ireland's offshore, in particular through supporting key research projects; and operating a robust regulatory regime. To ensure the maximum benefit for the people of Ireland from Ireland’s potential offshore hydrocarbon resources my Department appointed international experts Wood Mackenzie in March of this year to provide expert advice on the fitness for purpose of Ireland's fiscal terms for oil and gas exploration, development and production. When completed, their work will help inform decisions as to the appropriate fiscal terms.