asked the Minister for Industry and Commerce what steps he has taken and proposes to take to ensure that, if oil or natural gas is discovered under the sea-bed of the continental shelf around Ireland, an acceptable proportion of the profits from exploiting such resources becomes available to the people of Ireland.
Ceisteanna—Questions. Oral Answers. - Oil and Natural Gas Exploitation.
39.
Leases for the exploitation of oil and natural gas which may be discovered in this country's area of continental shelf will be subject to the payment of rent and royalties to the State. Operations carried out under such leases will also be subject to the laws of the State relating to taxes upon income and profits.
Copies of the agreement with Marathon Petroleum Ireland Ltd. which sets out the terms on which leases will be granted to that company in respect of areas in the continental shelf were laid before the Oireachtas on 8th August, 1969.
Do they, in fact, provide for a proportion of profits? Is it rent and royalty by way of a proportion of profits or by way of a fixed sum?
A percentage, as far as I recall.