Vol. 544 No. 4
122 Mr. Callely asked the Minister for the Marine and Natural Resources the results and indications of exploration for natural resources; the estimated commercial values; and if he will make a statement on the matter. [29132/01]
In relation to offshore oil and gas exploration, as I mentioned in my reply of 21 March 2001 to a similar question raised by the Deputy, Enterprise Energy Ireland declared the Corrib gas field commercial in January this year on behalf of its co-venturers, Statoil and Marathon and sought a lease from me for its development. I can now inform the Deputy that a petroleum lease under the Petroleum and Other Minerals Development Act, 1960, demising the petroleum in the Corrib gas field to Enterprise Energy Ireland Limited and its partners Statoil Exploration (Ireland) Limited and Marathon International Petroleum (Hibernia) Limited was granted by me on 15 November 2001. Enterprise Energy Ireland has plans to bring the gas ashore by October 2003 and expects the field to be in production for about 15 years.
It would be difficult to estimate the commercial value of the Corrib gas find. This will depend on factors such as the size of the field, the quality of the reservoir, the quality of the gas, the flow rate of the well, the market price and the cost of development of the field. No new discoveries of oil and gas have been reported to me since my reply of 21 March 2001.
Exploration for minerals is regulated by prospecting licences issued by me under the Minerals Development Acts. Exploration must identify whether any minerals found can be exploited commercially. That commerciality is demonstrated to me in the first instance by an application for a State mining lease or licence. The actual values fluctuate with costs and the returns from the market.
The six monthly reports which I lay before the Houses of the Oireachtas under the Minerals Development Acts give details of all extant prospecting licences, State mining licences and State mining leases. In the report for the period to 30 June 2001 the numbers were 432, four and 12 respectively.
