Fine Gael Kerry TD, Brendan Griffin, has called on the Government to consider the establishment of a State body that would co-ordinate and develop the oil industry in Ireland.

Deputy Griffin was speaking during Topical Issues in the Dáil, where he said that it is crucial that the country gains the optimum benefits from the emergence of an oil industry here.

Mr Griffin said: "It has been clearly demonstrated to date that Ireland has significant offshore oil reserves and I am very anxious to see a proactive State effort to ensure that the Irish people get the greatest possible benefit from this opportunity.

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"Recent significant oil reserve discoveries have demonstrated the major potential that exists here for the Irish State; we need to make sure we capitalise on it. We have a serious opportunity now, before any oil is extracted. Preparation and exploration of oil could have a huge impact on job creation and revenue generation in the areas close to discoveries. I strongly believe that we shouldn't wait on this; opportunities exist now and they must be seized upon.

"In the midst of an unprecedented economic crisis, the oil industry and its associated benefits offer us huge hope. This hope must be harnessed to generate tangible benefits in terms of jobs and investment. That is why I am calling on the Government to consider the establishment of a State body to co-ordinate and maximise the potential of our oil industry."

(CD/GK)