Dáil Éireann Debate, Thursday - 12 June 2014
34. Deputy Michael Moynihan asked the Minister for Communications, Energy and Natural Resources when he plans to update the fiscal and licensing regime of Ireland’s oil and gas industry; and if he will make a statement on the matter. [24721/14]
View answerOn 9 May 2012 the former Joint Oireachtas Committee on Communications, Natural Resources and Agriculture published its Report on Offshore Oil and Gas Exploration. The Report contained a number of recommendations in respect of the fiscal and regulatory framework applying to oil and gas exploration in Ireland.At my request the Report was debated in Seanad Éireann and in Dáil Éireann with the debate concluding on 9 July 2013. During the course of the Dáil debate I stated my intention to seek further independent expert advice on the “fitness-for-purpose” of Ireland’s fiscal terms, such expert advice to focus on what level of fiscal gain is achievable for the State and its citizens and, equally important, on the mechanisms best suited to produce such a gain.
Following a public procurement process, my Department appointed Wood Mackenzie in March of this year to provide expert advice on the fitness for purpose of Ireland's fiscal terms for oil and gas exploration, development and production.
Wood Mackenzie recently submitted their final report to my Department. The report and the recommendations contained therein are currently under consideration.
