Dáil Éireann Debate, Thursday - 28 January 2016
366. Deputy Thomas P. Broughan asked the Minister for Communications, Energy and Natural Resources the activity he expects in new oil and gas exploration in Irish territorial waters and in Ireland's economic zone during 2016; the impact of the new exploration tax regime; and if he will make a statement on the matter. [3849/16]
View answerIreland’s strategy for the exploitation of indigenous oil and gas resources aims to maximise the level of exploration activity and increase the level of production activity, while ensuring a fair return to the State. In recent years efforts to reposition the industry through an intensive promotional campaign, data acquisition projects and the reworking and modernising of the regulatory and fiscal frameworks have resulted in the highest level ever of extant authorisations with 44 extant licensing options and exploration licences at the beginning of 2016.
In response to the 2015 Atlantic Margin Licensing Round, 17 companies submitted 43 applications, by far the largest number of applications received in any round held in the Irish offshore. This very positive response is an indication of the building momentum in oil and gas exploration offshore Ireland. While at this stage I cannot comment on the number of Licensing Options that will be granted as a result of the Round, I expect that the first phase of awards resulting from the Round will be made in mid February.
The tax terms that would apply to any new commercial discoveries are set out in the 2015 Finance Act and the resulting income would be a matter for the Revenue Commissioners.
