asked the Minister for Energy the discussions that have taken place with exploration companies regarding the development of any oil find in the Celtic Sea, particularly regarding taxation and royalty rights; when it is expected that commercial development of the oil find will commence; and the steps that are being taken to ensure that the oil find will be developed in the interests of the Irish people.

No commercial oil finds have been established in the Celtic Sea to date. Consequently no definite discussions with exploration companies in relation to a development project could take place at this stage and I cannot say when a commercial development will commence.

If and when there is a commercial oil discovery, I will, of course, ensure through the powers vested in me under the provisions of the 1975 licensing terms, that the interests of the Irish people will be adequately safeguarded.

The Government hope to make an announcement soon in regard to the taxation regime which will apply to petroleum offshore development.

2.

asked the Minister for Energy if he will make a statement on the current situation in the field of oil exploration and discovery.

At the moment, three exploration wells under the operatorships of Gulf, Conoco and Marathon respectively are being drilled in the Celtic Sea Basin. We can expect statements by the operators in due course on the results of these wells.

Apart from the wells currently being drilled, four wells were completed offshore and two onshore since the start of the year.

Offshore, Gulf as operators completed two wells (one exploration and one appraisal) in the Celtic Sea while BP and Occidental were operators for one exploration well each in the Porcupine and Fastnet Basins respectively. Onshore, Aran Energy were the operators for the two exploration wells drilled in the North West Carboniferous Basin.

All six wells were abandoned as dry holes and none of them produced hydrocarbons. The operators for those wells issued, in all cases, formal statements on the results achieved.

As I indicated to the House on an earlier occasion, it is the normal practice that statements on well results are issued by the operators concerned. I do not now propose to depart from that practice by adding to the statements already made by the operators, particularly in view of the confidential and commercial nature of the data which is field with my Department in pursuance of the licence conditions.

I expect that the third licensing round, which I announced early this year and which has a closing date of 15 February, 1985 will, in conjunction with existing obligations, ensure a satisfactory level of exploration over the next few years.

Would the Minister agree that in recent months there has been an undue level of speculation in oil shares on the Stock Exchange arising from the inadequate procedure of giving full information on oil discoveries or the results of oil tests? Does the Minister agree that some procedure needs to be looked at in that context?

As I indicated in the House yesterday and as most Members are aware, at various times during the last year or so and again in the past few weeks there has been much speculation, which is reflected in share trading, as to whether Ireland will be an oil province. I made my views known yesterday. It is regrettable that such speculation took place. It is not in the long-term interest of the Irish exploration programme because by its nature exploration is long-term and the rewards come only after a period of high risk investment in exploration and in the appraisal and development of successful discoveries. I cannot say any more about it at this stage other than reiterate what I said yesterday.

On the results of the drilling to date, which the Minister knows, will he give a prognosis as to whether Ireland will be an oil country?

From the discovery in August 1983 there has been a certain amount of optimism, albeit cautious optimism. What is most important is that the third licensing round is successful. We have every reason to believe it will be. It is in our own interest because the more exploration that takes place the faster we will get results.

I regret I missed the opening sentences of the Minister's reply. In regard to my question——

What question is the Deputy dealing with?

Question No. 1.

We are now dealing with Question No. 2.

I thought both were taken together. Have any new negotiations taken place with the oil companies concerned with regard to changes in taxation and royalty rights?

The question of taxation is a matter for the Minister for Finance which I do not wish to encroach upon. Prior to the Deputy coming into the House I said the Government would make an announcement soon in regard to the taxation regime which will apply to petroleum offshore development.

Has the Minister asked for an investigation into the share dealings which an unknown broker referred to as shady in some way or other?

No.