There is potential for Ireland to enjoy both economic and energy security benefits from its indigenous oil and gas resources. The principal benefit to the economy from the offshore oil and gas sector arises from producing fields. These benefits include the direct return to the Exchequer, the significant economic activity that arises from the development stage of a project as recently evidenced by the Corrib gas project, together with a strengthening of Ireland’s security of energy supply. The long-term aim of the sectoral strategy of promoting the opportunity to invest in exploration in the Irish offshore is aimed at increasing the likelihood of new commercial discoveries being made, which would result in the benefits outlined.
Exploration activities in the Irish offshore do give rise to some employment opportunities in ancillary supply/support areas such as ports. Until there is a much higher level of exploration activity in the Irish offshore, however, the opportunities will remain relatively limited.
Whilst wishing to maximise the employment potential arising we must of course be cognisant of our EU and wider treaty obligations in respect of the free movement of labour.