Ferris calls for Kerry oil field to be properly developed
Sinn Féin TD for North Kerry/Limerick West, Martin Ferris raised the oil find off the Kerry coast in the Dáil this afternoon. Ferris welcomed the announcement of the find, which has a potential yield of one billion barrels, but stressed that the revenue and licensing terms needed to be radically overhauled if the Irish people were to get the proper benefit.
Deputy Ferris said: “I very much welcome the find, and the potential which it has to create badly needed jobs in Kerry. However, it is also the case that under the current taxation regime that applies to mineral exploration, the country as a whole would stand to gain little from the oil when it is brought on stream.
“At current prices, the Kerry find would be worth somewhere in the region of €100 billion. If that were to be properly taxed, and if the state had a proper role in overseeing its development it could play a central role in turning this state away from the politics and economics of austerity.”