Minister for Communications, Energy and Natural Resources Pat Rabbitte T.D., has announced that his Department has sought tenders for the provision of expert advice on the 'fitness-for-purpose' of the current oil and gas fiscal terms.

On the 9 of July last, in the context of the conclusion of the Dáil debate on Offshore Oil and Gas Exploration, Minister Rabbitte confirmed that he intended seeking independent expert advice on the "fitness-for-purpose" of Ireland's fiscal terms for oil and gas exploration, development and production.

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Minister Rabbitte stated: "Ireland's offshore whilst holding great promise is relatively under-explored 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."

(CD/JP)