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Oil find needs to be properly utilized in national interest – Ferris

15 March, 2012 - by Martin Ferris TD

The Sinn Féin spokesperson on energy Martin Ferris TD has said that the oil find off the Cork coast will be of little benefit to the country under the current licensing and revenue structure.

The Kerry North/Limerick West TD was commenting on the announcement by Providence Resources that a well in the Barryroe field is producing 3,500 barrels per day.

Deputy Ferris said:

“While the discovery of oil and gas off our coast is to be welcomed, the current terms available to the exploration companies means that little benefit actually accrues to the country. This state has among the most liberal taxation regimes in the world and has no control over where the oil be sold or for what price.

“Sinn Féin believes that a 50% tax needs to be imposed on profits and that the state take a direct stake in the ownership of oil and gas found off our coast. I would also call on Minister Rabbitte to fulfil the promise he made a year ago to establish a review of all of the terms applying to the sector.”

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