Minister Pat Rabbitte and his Department are seeking tenders for the provision of expert advice on the “fitness-for-purpose” of the current oil and gas fiscal terms.
Speaking in the Dáil Minister Rabbitte stated, “Ireland’s offshore whilst holding great promise is relatively underexplored with only four commercial gas finds to date. In setting our fiscal terms we need to strike the necessary balance between attracting the high-risk exploration investment needed to prove that promise whilst maximising the return to the State and its citizens from our natural resources. My Department has now commenced the public procurement process to engage the required expert advice. Such expert advice will focus on what level of fiscal gain is achievable for the State and its citizens and also on the appropriate mechanisms best suited to produce such gain”.
Minister of State Fergus O’Dowd said that the Government needed to be competitive on the open market to attract investment in exploration.
“Given increasing international interest in the Irish offshore it is timely that the ‘fitness-for-purpose’ of the existing fiscal terms be reviewed. This will ensure regulatory certainty in advance of the next oil and gas exploration licensing round,” O’Dowd said.
To see the tender visit: www.etenders.gov.ie.