Dáil Éireann Debate, Thursday - 12 March 2009
211 Deputy Joe McHugh asked the Minister for Communications, Energy and Natural Resources the action he will take if oil is found in waters here; the previous or existing agreements with the oil companies in this respect; and if he will make a statement on the matter. [10629/09]
View answerIf a company with a petroleum exploration licence were to make a commercial discovery of oil offshore it would be required to bring forward a detailed plan of development for my approval. Any such plan of development could be based on a mobile production facility or a tieback to a land based facility. The development would be governed by a petroleum lease agreed between the State and the developer and would be subject to the Department's licensing terms for oil and gas exploration and production, which are available on the Department's website. The tax treatment of profits from any oil discovery would be governed by the Finance Acts.
