Ireland has vast amounts of mineral wealth in our coastal waters, particularly in the Rockall Area off the south west coast. A number of applications were received in the latest Round and are currently being examined.

Should these licences be granted, they could be subject to the new Licensing Regime which I announced in 2007. This means that for applications for exploration licences received on or after 1 January 2007, on our most profitable fields, the return to the State will increase from 25% to 40%. That’s a top rate increase of 15% for the oil and gas companies involved.

Further information at: http://www.dcenr.gov.ie/Press+Releases/2009+Rockall+Licensing+Round+closed+for+applications.htm