Sinn Féin publish Dáil motion calling for radical changes to oil and gas exploration
Sinn Féin TD for Dublin South Central Aengus Ó Snodaigh has today published a Private Members Motion calling for a radical change to the revenue and licensing terms governing oil and gas exploration.
The motion calls for the consents and licenses for the Corrib gas field and for exploration to be carried out on Lough Allen to be revoked pending a full review of all licenses and taxation issues.
The motion also calls for the state to take a 51% share in all oil and gas finds, for the re-establishment of a state exploration company and for a 50% tax on profits and a 7.5% royalty to be imposed.
Deputy Ó Snodaigh said:
“The massive potential value of the oil and gas reserves off the Irish coast requires a radical change to the entire exploration sector. As things stand, oil and gas companies are given among the most generous terms in the world. That means that only a small proportion of the value of the deposits will come to the Irish people unless a proper taxation structure is put in place and the state takes a direct stake in all finds.
“That is particularly important at the present time in the context of the disastrous bank bailout and the consequent IMF/EU austerity plan.
“We need to abandon the toxic banks and to initiate a positive programme of job creation and growth free of the unpayable debt. The potential value of the oil and gas would be crucial in that context.”