Dáil Éireann Debate, Wednesday - 9 July 2014
301. Deputy Michael Colreavy asked the Minister for Communications, Energy and Natural Resources the cost of commissioning the Wood Mackenzie report into Ireland's oil and gas fiscal system to the State; and if he will make a statement on the matter. [30001/14]
View answerIn May 2013 I initiated a debate in Dáil Éireann on the Report on Offshore Oil and Gas Exploration published in May 2012 by the former Joint Oireachtas Committee on Communications, Natural Resources and Agriculture. At the conclusion 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 advice to focus on what level of fiscal gain is achievable for the State and its citizens and, equally importantly, on the mechanisms best suited to produce such a gain.
On foot of a public procurement process, Wood Mackenzie, a major international company with very significant sectoral knowledge, understanding and expertise, were engaged by my Department to provide such expert advice.
On conclusion of their assignment on 30 May Wood Mackenzie furnished me with a final report. Following consideration by Government I published the full report on 18 June. In their report Wood Mackenzie provided their analysis in what I would consider to be a comprehensive, detailed and accessible manner.
I have no doubt that this report will serve as a key reference point in terms of the factual detail it contains, the broad range of issues it discusses and the clear analysis informing its recommendations for Ireland’s oil and gas fiscal regime.
The total cost of the advice, inclusive of expenses and VAT, was €212,873.
