Cork oil find underlines need for revenue changes – Ferris
The Sinn Féin Spokesperson on Energy Martin Ferris TD has said that the extent of the oil find off the Cork coast underlines again the need for radical changes to the licensing and revenue terms governing oil and gas exploration. He was responding to a claim by Providence Resources that the Barryroe field could yield up to 1.6 billion barrels of oil.
Deputy Ferris said;
“Although the extent of the Cork find comes as welcome news, the stark reality is that under current terms, it will bring little benefit to the country. Sinn Féin has for a long time argued in favour of a higher tax and royalties and for the state to take a direct share in all oil and gas finds.
“Several months ago I was successful in persuading a majority of the Oireachtas Energy committee to support a proposal for a higher tax rate. That in itself proves that despite the current Government’s clinging to the existing regime, that even Fine Gael and Labour TDs with knowledge of the sector realise that the current terms represent a scandalous surrender of a vital and potentially massively beneficial resource.
“If a proper taxation and management regime was introduced, in line with best international practice, this state would benefit to the tune of billions of Euro. That could play a key role in revitalising the economy and addressing the financial crisis.”