Massive oil find underlnes need for radical changes to licencing – Crowe<\/p>\n
Dublin South West Sinn F\u00e9in TD Se\u00e1n Crowe has said that a potentially massive 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.<\/p>\n
Deputy Crowe said;<\/p>\n
\u201cThe potential size of the Cork find comes as welcome news yet the stark reality is that under current terms, it will bring little benefit to the country.<\/p>\n
\u201cSinn F\u00e9in 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.<\/p>\n
\u201cSimilar efforts are being made to locate oil and gas reserves of Dalkey island but even if successful, there are serious questions that the State and its citizens would benefit should the drilling operation prove successful.<\/p>\n
\u201cSeveral months ago my party colleague Martin Ferris TD successfully persuaded a majority of the Oireachtas Energy committee to support a proposal for a higher tax rate. This proves that despite the current Government\u2019s clinging to the same revenue system, even though some Fine Gael and Labour TDs with a knowledge of the sector realise that the current terms represent a scandalous surrender of a massive potential and beneficial resource.<\/p>\n
\u201cIf a proper taxation and management regime was introduced, in line with best international practice, the State would benefit from billions in revenue which could play a key role in revitalising the economy and addressing the financial crisis.<\/p>\n
\u201cAnother outstanding issue is the lack of any onus on a company to refine oil found here in Ireland. Unfortunatley there is no legal impediment outsourcing this unrefined oil to which could be outsourced to other countries resulting in a serious loss of jobs and revenue that could be potentially worth billions.<\/p>\n
\u201cOur natural resources must not be siphoned off and used to make a handful of shareholders rich. The Government must take immediate measures to ensure Irish citizens benefit from the profits generated from oil that is found within our costal waters.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Massive oil find underlnes need for radical changes to licencing – Crowe Dublin South West Sinn F\u00e9in TD Se\u00e1n Crowe has said that a potentially massive 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-446","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/comments?post=446"}],"version-history":[{"count":0,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/446\/revisions"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=446"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}