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Labour calls for review of the current licensing regime for oil and natural gas production
 national |
environment |
press release
 Friday August 12, 2005 16:40 by elaine - labour
Broughan critical of changes to the regulation of oil and gas exploration which were imposed by Ray Burke in 1988, by Bertie Ahern and Bobby Molloy in 1992. FULL REVIEW OF IRISH OIL & GAS REGIME NECESSARY
Labour Energy Spokesperson Deputy Tommy Broughan has called for a comprehensive review of the current licensing regime for oil and natural gas production in Ireland.
Deputy Broughan said, ”Although the focus at present has rightly been on the dispute over the Corrib gas pipeline and the ongoing incarceration of the five Rossport residents, the wider issues of the management of Ireland’s natural resources and the financial return to the Irish state for such assets needs to be urgently examined.
“The current measures in place in Ireland for licensing oil and gas exploration are some of the most advantageous to international oil companies in the EU and across the world. The corresponding return to Irish citizens for what is a critical national resource is extraordinarily low in comparison to other states.
“In 1975 my great predecessor and then Minister for Industry and Commerce, Justin Keating, established a comprehensive strategy for regulating oil and gas exploration in Ireland that corresponded to best international practice. This included a 50% state shareholding in any discovery plus royalties of 6% to 7%. However, the changes imposed by Ray Burke as Energy Minister in 1988 and in 1992 by then Minister for Finance, Bertie Ahern, and Energy Minister Bobby Molloy resulted in the present inadequate system.
“At present the Irish government has no stake in any such developments (unlike the Norwegian and Danish states), earns no royalties from the process and has a very low oil tax regime.
“Many other states have successfully changed the terms of their exploration licences and fiscal regimes, and as circumstances change, periodically review the measures in place. The UK’s North Sea fiscal regime was changed in the 2002 British budget to increase the return to the British state on oil and gas exploration and extraction.
“When the Dail resumes in the Autumn I will be pressing for a similar review of the management of Ireland’s oil and gas natural resources and the Labour Party will propose any necessary legislation.”
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Comments (12 of 12)
Jump To Comment: 1 2 3 4 5 6 7 8 9 10 11 12If this regime is so scandalously generous and so weighted in favour of exploration companies, where is the queue of them coming here to explore?? fact is there is little or no interest.
Its a well kept secret but multi-national corporations really have very litte interest in exploiting gas and oil. Sure they only do it out of a sense of civic duty.
Shell and Statoil are only making massive profits out of Mayo because they think it will win them a bit of good publicity and favourable PR..
Big auction of exploration licences very soon if I'm not mistaken. I'll get back on this.
Theo is another flying pig-human type I believe.
For information on the licences that the Dept of Comm., Marine and Natural Resources are preparing to issue, please go to:
http://www.dcmnr.gov.ie/Natural+Resources/Petroleum+Affairs+Division/Petroleum+Affairs+Division.htm
You will find plenty of evidence there of the potential reserves (=profits) that will entice the drooling multinational vultures to our shores...coming to a previously peaceful townland near you!
Show me where???? there is only one or two companies interested - because Ireland is not a prolific prospect. There is about a one in 60 chance of finding something. Do you relise how much money is spent on unsuccessful operations?? millions - and that is lost - gone - for ever. No wonder it is necessary to attract companies with fiscal incentives.
Labour are nothing more than right-wing hacks. I'd write more about this, but I think my first sentence gets right to the point, wouldn't everyone agree?
"there is only one or two companies interested - because Ireland is not a prolific prospect"
evidence
a tiny bit
no?
and the flyig pig-human floats away on the breeze
I note Labour are not calling for the renationalisation of the Oil and Gas reserves. Please stop pretending to be a left wing pro worker party.
''Labour are nothing more than right-wing hacks. I'd write more about this, but I think my first sentence gets right to the point, wouldn't everyone agree?''
Very nice Oisin im sure next you see me Dermot, Enda or Paul, you`ll call us that to our faces.
Thats what Ray Burke sold Corrib to Enterprise for
So lets all chip in and buy a plot out there in the Irish sea?
Its bound to be worth billions but we wont tell anyone - maybe we can get the government to give us a biz development grant and massive tax breaks and with some artistic accounting there'll be no stoppin us
Profits could pay for indy mobile reporting units for audio video editing and beam it up scotty sat dishes on the roof and the rest we could spend on blackmailing politicians in order to open future "business" opportunities.
its the only game in town
;-))
"No wonder it is necessary to attract companies with fiscal incentives"
What would we do without those nice multinationals coming in and helping us out by extracting our national resources for nothing and then selling it back to us at full market price?
They really are helping us out by stealing the birthright of every Irish citizen. That oil and gas was in our way where it was under the sea bed.
----
Can anyone tell me how the Irish benefit out of attracting companies to extract valuable resources.
We know colonialisation is finished so instead of asking a foreign king to send an army to take over the whole country and rape and pillage everything in sight lets just ask big companies to come in and do it in certain areas of Ireland!
Thats the Shell in Rossport story in a nutshell
At least with privatisation some money is handed over
Is what we are seeing in Mayo beyond the neoliberal economic trend of privatisation? - are we glimpsing into the future ?
Lets presume you are right for a minute. Please now tell us what benefits will accrue to the state from the selling of the licences besides PAYE returns from the people employed.