asked the Minister for Energy if the memorandum and articles of association of the Irish National Petroleum Corporation have been amended to permit the company to participate in hydrocarbon exploration and development; the role the Government envisages for the INPC in relation to exploration and development in the light of the new terms of exploration companies, announced in September 1987; and if he will make a statement on the matter.
Ceisteann—Questions. Oral Answers. - Irish National Petroleum Corporation.
14.
A decision to amend the Memorandum and Articles of Association of the Irish National Petroleum Corporation so as to permit INPC to play a limited role in hydrocarbon exploration and/or development was taken by the previous Government in February 1986 and effect has been given to this amendment.
The amendment was specifically designed at the time to allow INPC to take up a limited number of minor carried interests in exploration licences. Its possible role in this respect was modified to some degree by the changes in licensing terms in September 1986 which abolished the concept of equity participation by the State in any oil development projects. INPC has since submitted certain proposals to me which are being examined in my Department. The Government also will shortly be reviewing the general role of INPC in this and in other areas.
I am not clear from the Minister's answer whether the memorandum and articles of association of the INPC have actually been amended at this stage?
They have been amended.
As they have been amended at this stage, the second part of my question relates to the role the Government envisage for the INPC in relation to the exploration development in the light of the new terms of the exploration companies. Will the Minister say if the invitations, which it would appear from the previous Government were available to the INPC, have been taken up by them to participate in exploration under the new regulations issued by the Minister in September?
We are looking at a further extended role for the INPC in their whole operation in this area at present. They have had some work but I believe there is scope for a further extension of their role.
Am I right in reading into the Minister's reply that he is rejecting the proposals put up by the INPC in this area?
I am not.