Finian McGrath
Question:247 Deputy Finian McGrath asked the Minister for Communications, Energy and Natural Resources further to Parliamentary Question No. 139 of 29 March 2011, if there are concerns (details supplied). [6928/11]
View answerTuesday, 5 April 2011
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Written answers
The Corrib Gas field was discovered in 1996 under Frontier Exploration Licence 3/94 which was granted to Enterprise Oil plc and Santa Fe Minerals (Ireland) Limited on 15th March 1994. Profits from petroleum production arising from exploration licences granted prior to 2007 are taxed at a rate of 25% and this is the rate that applies in the case of profits from the Corrib Gas Field.
The former Minister for Energy, referred to by the Deputy, had no role in the award of Frontier Exploration Licence 3/94, or the granting of the Corrib Petroleum Lease. My general position on the taxation regime for oil and gas exploration is as set out in the reply of 29th March 2011 and replies which I am separately giving to Parliamentary Questions today.