Ireland is stepping up its oil and gas exploration with the Department of Communications, Energy and Natural Resources today announcing it is seeking tenders for the provision of expert advice on future outcomes of oil and gas exploration.
On the 9th of July last, in the context of the conclusion of the Dáil debate on Offshore Oil and Gas Exploration, Communications Minister Pat Rabbitte TD confirmed that he intended seeking independent expert advice on the outcome of Ireland’s fiscal terms for oil and gas exploration, development and production.
“Ireland’s offshore whilst holding great promise is relatively under-explored with only four commercial gas finds to date,” he said.
“In setting our fiscal terms we need to strike the necessary balance between attracting the high-risk exploration investment needed to prove that promise whilst maximising the return to the State and its citizens from our natural resources. My Department has now commenced the public procurement process to engage the required expert advice. Such expert advice will focus on what level of fiscal gain is achievable for the State and its citizens and also on the appropriate mechanisms best suited to produce such gain.”