asked the Minister for Industry and Commerce if his attention has been drawn to a report (details supplied) that Government planners expect ten times this country's annual oil requirements will be met from Celtic Sea sources in the next decade; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Oil Requirements.
15.
I have seen the report to which the Deputy refers. It is clear from the context of the statement and the article generally that the estimates are entirely speculative. They do not have the authoritative basis implied in the article.
The factual situation is that, while exploratory drilling carried out to date has given encouraging results, including the discovery of one commercially exploitable gas field, the overall potential of our section of the Celtic Sea remains unproven.
Having regard to the substantial drilling programmes which are being provided for under the new exclusive licences which I am now in the course of allocating and to the anticipated level of activity in the Marathon/Esso area, I am confident that the results of exploration work over the next three to four years will provide the basis for a definitive assessment of the hydrocarbon potential of our sector of the Celtic Sea.
Is there any definite indication of oil?
It is a question of what the Deputy means by oil. There is not commercial oil but there have been shows of oil, which is more than a trace but less than a commercial find, in a number of bored holes. They are encouraging although they fall short of the level of flow which would sustain commercial exploitation.