Vol. 557 No. 6
144 Mr. Ferris asked the Minister for Communications, Marine and Natural Resources the benefits which will accrue to the economy, to the Exchequer or to the consumer from the sale of the output of a company (details supplied) from the Seven Heads gas field to Innogy. [23032/02]
Should the Seven Heads gas field be fully developed and produce gas, for which my approval has yet to be sought and given, there should be a number of benefits from the sales of the gas. One of the benefits to the economy will arise from the enhanced security of supply of gas reducing reliance on imports. According to the developers, the field has the potential to supply 10% of Ireland's current gas demand for at least five to seven years. Other benefits will accrue from the prolongation of the use of the Kinsale platforms in so far as the developers of the Seven Heads field propose to use the existing transmission and processing facilities.
Moreover, it will prolong the economic life of the Kinsale field. Ultimately, this will have the effect of protecting both the jobs on the platform and in Marathon's head office resulting in prolonged payments of income tax to the Exchequer by those employees as well as corporation tax at the rate of 25% being paid by Marathon in respect of the profits accruing to the company from the provision of these services. The main benefits to the Exchequer will be the resultant increases in income tax from increased number of jobs created in connection with the project, rental fees for the rental of the leasehold area and corporation tax in respect of the profits from the sale of gas.
