Natural Resources Committee Launches Report on Offshore Oil and Gas Exploration

The Joint Committee on Communications, Natural Resources and Agriculture is launching its Report on Offshore Oil and Gas exploration today (Wednesday 9 May 2012) at 1:30 pm in the AV Room, Leinster House, Dublin 2. The Joint Committee has held a number of meetings in recent months to address the optimum approach to the development of our offshore oil and gas exploration industry. The Committee heard the diverse voices of key stakeholders in Ireland as well as Norwegian perspectives on the issue. A copy of the report, which includes wide-ranging recommendations, will be sent to the Minister for Communications, Energy and Natural Resources.

The chairman of the Committee, Andrew Doyle TD, says: “Ireland’s offshore oil and gas exploration industry has operated with limited success over the last 40 years. In recent years the exploration developments off the West coast of Ireland have brought the workings of the industry to the forefront of the public mind. Recent news reports seem to indicate further possibilities for a viable oil discovery off the South coast. It is therefore an opportune time for our Committee to publish this report on an issue critical to Ireland’s future prosperity and sustainability.”

He adds: “The Committee’s key concern has been to strike the appropriate balance between maximising State revenue with incentivising offshore oil and gas exploration, unleashing the benefits for Irish people as a whole. Consequently, much of the recommendations in the report focus on providing a fair and equitable taxation regime for the petroleum industry.”

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