Because of the lively international interest in exploring for non-petroleum minerals in Ireland it is not necessary to provide incentives for this activity. Instead we ensure that our regime remains attractive and widely known on an internationally competitive basis. We market the prospectivity of Ireland through licensing rounds at three monthly intervals, provision of data from previous exploration, participation in relevant trade shows and conferences and direct contact with target companies not at present exploring in Ireland so as to stimulate their interest.
This effort is enhanced and supported by a range of leaflets giving details on specific aspects of interest to potential explorationists and investors. These are updated regularly to take account of changing circumstances here and in the investment market. My Department is currently involved in an extensive study of comparative royalty and tax regimes in other mining jurisdictions, the results of which will allow me to fine tune our system so that it remains competitive. I expect to have these results early in the new year. My overall aim is to maximise the level of private investment in exploration, which is at its highest for many years, against a background of a significant global reduction in exploration expenditure.
Commercial production of oil and gas can make a major contribution to Ireland's economic development. This has been demonstrated by the impact of natural gas from the Kinsale Head and Ballycotton fields. The Government is, therefore, committed to realising the full potential of oil and gas resources in offshore Ireland. However, since the Government does not consider that direct State involvement in this area of activity is appropriate, the pursuit of its policy objectives requires that competent private sector companies be encouraged to invest in the search for and production of oil and gas in Irish waters. The private sector is recognised as having the resources, expertise and practical experience essential for such a task.