While there is no onshore petroleum exploration licence in place at present, my Department has had discussions with a company which has indicated that it will be applying for an onshore exploration licence. This US-based company, Evergreen Resources, intends to submit an application for an onshore exploration licence over an area in the Northwest Carboniferous Basin comprising lands in counties Cavan, Leitrim, Monaghan, Roscommon and Sligo. Part of the area straddles the border with Fermanagh. At present another company hold an option for an exploration licence over this area but have applied to my Department for approval for the assignment of its interest in this option to Evergreen Resources.
There is no differentiation between the terms for offshore and onshore petroleum exploration licences. Offshore petroleum exploration licences are granted in accordance with the Licensing Terms for Offshore Oil and Gas Exploration and Development, 1992, and the same terms would also apply, where appropriate, in the case of any onshore petroleum exploration licences granted. The fiscal terms dealing with taxation, royalties and write-offs are covered by the provisions of the Finance Act, 1992, as amended, introduced by the Minister for Finance. As such they are part of taxation legislation and apply to all licensees, and are not negotiated on a case by case basis.