Deputy Colreavy said: "I raised the issue of the Dublin Bay project on a number of occasions with Minister Pat Rabbitte. There were clear environmental concerns regarding the development of the oil project off the coast of Dublin Bay, not least potential disastrous effects that an oil spill could have on the entire Dublin Bay area.
-- Advertisement --
"There also remains outstanding the issue of the state’s tax take from oil and gas exploration off the Irish coast. The current situation ensures that the state receives an extremely small share of the profits of oil and gas companies. “Currently we have one of the lowest tax takes from oil and gas exploration in the world. Sinn Féin have called for a review of the current licences that have been granted, a 50% tax on or oil and gas profits and a 7.5% royalty.
"The government must move to address the legislation surrounding the oil and gas industry. In doing so it must correct the financial situation while also addressing the environmental concerns that citizens have of oil and gas projects. “It must not act for the benefit of the petroleum companies, but for the benefit of the people of Ireland."
(CD/GK)
