Michael Moynihan (Cork North West, Fianna Fail)
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128. To ask the Minister for Communications, Energy and Natural Resources if he will provide an update on his review of the fiscal terms of oil and gas exploration here; and if he will make a statement on the matter. [19940/14]

Pat Rabbitte (Dublin South West, Labour)
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On 9 May 2012 the former Joint Oireachtas Committee on Communications, Natural Resources and Agriculture published its Report on Offshore Oil and Gas Exploration. The Report contained a number of recommendations in respect of the fiscal and regulatory framework applying to oil and gas exploration in Ireland. At my request the Report was debated in Seanad Éireann on 27 June 2012 and in Dáil Éireann on 14 May 2013, with the debate concluding on 9 July 2013. During the course of the Dáil debate I stated my intention to seek further independent expert advice on the “fitness-for-purpose” of Ireland’s fiscal terms, such expert advice to focus on what level of fiscal gain is achievable for the State and its citizens and, equally important, on the mechanisms best suited to produce such a gain.

Following a public procurement process, my Department appointed 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. It is expected that Wood MacKenzie will shortly complete their assignment and their report will help inform decisions to be taken going forward.