Construction Logo For Mobile
Time and date
Share this page
Construction News

Approximately 1bn Barrels Of Oil Found Off The Coast Of Kerry

Construction News Image
Sinn Féin spokesperson for Communications, Energy and Natural Resources, Michael Colreavy TD has today welcomed the news that an estimated one billion barrels of oil have been found off the coast of Kerry.

However, Deputy Colreavy has also highlighted the poor tax take from Irish oil and gas.

Speaking from Leinster House today Deputy Colreavy said: "It is encouraging to hear that there has been a discovery of oil off the south west coast. Such a find indicates the potential wealth that lies off the Irish coast in oil and gas reserves. We should use this opportunity to reassess the taxation terms that we place on oil and gas companies.

"At the moment oil and gas companies pay very little tax on oil and gas that they extract from Irish waters. In fact, Ireland has one of the lowest tax rates for oil and gas companies in the world.

"Sinn Féin calls for a 50% tax on oil and gas profits and a 7.5% royalty. If we do not act now to redress the tax system, oil finds such as the one off the coast of Kerry could be effectively worthless to the Irish people."


Latest Construction News


A new €5 million water treatment plant has opened in Arklow, Co Wicklow. Irish Water partnered with Wicklow County Council to develop the new facility which will provide a new safe and secure water supply for Arklow Town and its environs. Sean Laffey, Asset Programmes Manager at Irish Water said:

Graham Construction and Aecom have started work to develop a new wastewater pumping station in Fivemiletown. In partnership with NI Water the scheme involves replacing the existing pumping station on the Clabby Road to increase capacity and allow for future development in the area. The project is

Sinn Féin has promised to restore the historic buildings on Moore Street in Dublin if elected to government. MLA and Culture Minister Carál Ní Chuilín said it needs to be preserved for future generations. She said: "As we commemorate the 100th anniversary of the Easter Rising it is fitting we ensu

Labour has launched a new 'Save to Buy' scheme. The new scheme, which involves setting up a savings account which wil run through the post office network, pledges to help turn homeowners aspirations into reality. Environment Minister Aland Kelly and Education Minister Jan O'Sullivan launched the p

NI firm Saliis has installed almost 600 Northern Ireland Housing Executive (NIHE) homes with solar panels. The £5 million contract, between the NIHE and Saliis Ltd, is based on the 'rent a roof' model and has resulted in tenants saving money. Noel Rice, NIHE's Energy Conservation Manager, said: "W

Galway County Council is being urged to ensure work on digging a channel between Kinvara and Cahermore gets underway immediately. Fianna Fáil General Election candidate for Galway East Cllr. Anne Rabbitte accused the council of "stalling" over the work and said ongoing delayes will push the scheme

A new school building has officially opened in north Belfast. The new school, unscoil Bheann Mhadagáin, is located on the site of the former Cliftonville Cricket Grounds. As well as the new school, a new floodlit 3G pitch is being created as well as upgraded changing rooms funded by the Belfast Ci

The SDLP has slammed the Enterprise Ministers decision to scrap the Renewable Heat Incentive and said it could cost 2,000 jobs. West Tyrone MLA Daniel McCrossan said it makes "devastating reading" for many businesses. Mr McCrossan said: "One company based in Omagh have £650,000 worth of orders tak

The SDLP has hit out at the Enterprise Minister over his decision to axe the Renewable Heat Incentive (RHI) in Northern Ireland. The scheme funds renewable heating projects in both the domestic and non-domestic sectors. SDLP spokesperson Patsy McGlone said it is "devastating news" for local busine

Fianna Fáil has slammed the Government for failing to deal with the ongoing housing crisis affecting Ireland. Spokesperson on Environment Barry Cowen said the new figures reveal that housing supply hit its lowest level at the beginning of this month. The report from also highlighted the fa
Contech Building Products LimitedG.M.S Insulations Ltd.McHale Plant Sales LtdHarkin Fireplaces LimitedR & M Buckets LtdJLM Composites LtdSSQ Natural Slate (Ireland)SC Eco Container Conversions LtdFreefoam PlasticsStonecon Limited
Terms and Conditions