Dáil Éireann Debate, Tuesday - 27 June 2017
490. Deputy Bernard J. Durkan asked the Minister for Communications, Climate Action and Environment the extent of gas production from the Corrib gas field; the economic benefit to the economy from the product; and if he will make a statement on the matter. [30155/17]
Amharc ar fhreagraThe Corrib gas field commenced production on 30 December 2015. Prior to the advent of Corrib, over 95% of the State's natural gas needs were imported, via the two gas interconnectors, from Great Britain. In 2016, indigenous gas production met over 55% of the State’s gas demand. The introduction of Corrib was a key contributor to Ireland’s total energy import dependence falling from 88% in 2015 to 70% in 2016.
The direct financial return to the State from the Corrib gas field will be through the 25% tax on profits. The level of profits from the Corrib gas field will depend on a combination of factors including, the volume of recoverable gas, the cost of developing and operating the infrastructure, the price of gas over the life of the field, together with the timing and profile of production.
