Oil discovery development and public interests
Mac Giolla asks about negotiations, taxation, royalties and the timing of developing a Celtic Sea find. Spring says no commercial discovery has been established, so development discussions and timing remain uncertain; the Government will safeguard Irish interests if a commercial find is made.
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.
Comment on this
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.
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