asked the Minister for Industry and Commerce whether any concessions have been granted to persons to prospect for oil in the State; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Oil Prospecting Concession.
Discussions have taken place with a group representing United States companies interested in oil exploration. The discussions have now concluded and proposals have been put forward for the carrying out of an extensive scheme of exploration for oil in Ireland. A formal agreement to give effect to the proposed arrangements has been drawn up and will be executed with the parties concerned in the near future.
Legislation will be required to give effect to certain provisions of the agreement and when the legislative proposals are being submitted to the Oireachtas I will arrange that copies of the agreement will be presented to both Houses.
It would be no function of the House to ratify the agreement?
No. As I pointed out, legislation will be required to give effect to certain provisions of the agreement.
To give the same effect as the minerals legislation?
To some effect. It would be better if I were not led too far.
I think I have a fair idea.