Pringle Welcomes Offshore Oil and Gas Exploration Report

Thomas Pringle TD has welcomed the ‘Offshore Oil and Gas Exploration’ report, which recommends a new fiscal licensing regime and greater public consultation on explorations.

The report, which was undertaken by the Joint Committee on Communications, Natural Resources and Agriculture, of which Pringle is a member, stresses that given the risks of long-term reputational damage in this area, existing agreements should be adhered to irrespective of changing circumstances.

Following the launch of the report this week, Pringle stated: “I welcome a number of the recommendations in this report, particularly those which address a clear and transparent fiscal and licensing regime which provides certainty for the State and industry alike, as well as a clear and comprehensive process of public consultation, beginning at the first substantive stage in offshore oil and gas exploitation.”

“The fact is that Ireland’s offshore oil and gas exploration industry has operated with very limited success over the last 40 years. While companies are awarded licenses for petroleum exploration and production, the State owns its natural resources. As such, we in the Committee have made these recommendations in order to maximise the potential of hydrocarbon exploration for Irish citizens which would protect and develop these resources to the benefit of the people.”

“The Committee held a number of meetings in recent months for this report, in which I fully participated, whereby the diverse voices of key stakeholders in Ireland as well as Norwegian perspectives on the issue were heard.

Eleven recommendations have been put forward by the Committee in this report to maximise the potential of oil and gas exploration for Ireland which, if implemented, could prove to be very beneficial to the economy in the coming years.”

“In recent years the exploration developments off the West coast of Ireland have brought the workings of the industry to the forefront of the public mind. It is now time for the Minister for Natural Resources to take on these recommendations with a view to legislating for the adequate protection and development of our natural resources, something which has been seriously lacking to date,” stated Pringle.

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