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THE COMMUNICATIONS AND Natural Resources Minister Pat Rabbitte has said that comparisons between Ireland’s oil prospects and those in Norway, which has an 80 per cent tax on oil profits, is like “comparing apple and oranges”.
Rabbitte said that while he would review Ireland’s lower tax rate on oil and gas profits, it was not reasonable to compare Ireland with Norway and said that the country could not afford to carry out its own offshore drilling.
He told RTÉ’s Morning Ireland: “It costs between €80 and €100 million a pop to drill a well off the Irish offshore.
“The Irish state doesn’t have that kind of money and therefore we are dependent on attracting the private industry to spend the money.”
The Minister said that exploration companies have already spent some €5 billion “for little enough return”.
Hopes that Ireland could begin a path of energy independence – it has one of the lowest in the EU – emerged last year after Providence Resources said that it found billions of barrels of oil off the Cork coast.
Last night the Dáil debated a 12-month-old report by an Oireachtas committee into offshore oil and gas exploration which recommended adjusting Ireland’s top corporate tax rate on offshore drilling profits from 25 per cent to as much as 80 per cent, as is the case in Norway.
But on RTÉ this morning, Rabbitte said: “I think it’s a pity that this canard about Norway has been flown and has captured some imagination.
“The truth of the matter is it is the unique geological advantage that Norway has where you can expect a [oil] strike in four as compared to three strikes here from 156 drilling, it is that level of prospectivity that means that you can have that level of tax.”
He said that comparisons to Norway were like “comparing apples with oranges” and said that people who were responsible for this comparison “should have recanted but didn’t”.
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Oh great!!! Up those rents and property prices fast. The price of living in cool should not be under priced
A once proud working class area now populated with weirdos with skintight jeans with no socks, eating avocado and drinking soy lattees, what has working class Dublin become.. Sad to see
@Jonny: It’s called getting older, Jonny.
@Jonny: I can imagine someone from the 60s describing the 70s or 80s like that ha
@Jonny: get with the programme grandad
Jaysus, if they found a cure for cancer the comments section here would be full of people moaning that it’s putting doctors out of business, what about AIDS, that money could have gone towards the homeless etc. etc. etc.
@Kem Trayle: I know that positive nature of our fellow islanders can be a little overwhelming.
Isnt this where there is a prison housing the lowest of the low?? Lol
@Thomas: yeah but in fairness they’re not exactly hangin’ out with the locals
@Liam Carlin: I bet they are on their release days. Every other weekend like!!!
Just here for the positive comments where we graciously recieve a nice accolade, even if a bit subjective
@LynchTrea: that’s what’s so great about being Irish. The almost sickening positivity of the people. Say something nice, we’ll graciously receive the comment and return one. Not look for any possible way to detract from it or cheapen it’s worth.
That’s what’s so great about being Irish.
Lagos???!
Surely Birr is cooler. I’ll get my coat!
@Ciarán Mac Cormaic: I think a lot of them missed that one Ciaran
@Ciarán Mac Cormaic: and Crinkle Crisps an added bonus!!!!
It is true though that it’s still affordable: even the poorest millionaires can still buy houses there.
So hell holes are cool?
There is nothing authentic or original about hipster clones with beards and skinny jeans sitting outside overpriced cafes offering virtue signaling opinions for all to hear. In fact, its very uncool and boring.
Who makes up this shite? Seriously
@David Gannon: Absolutely right David. Did you ever hear such Bollox
@David Gannon:
Estate Agents.
@David Gannon: Conor McCave. It’s right there at the end of the article.
Stay positive dude.
I must be the only one who thinks the area in and around stoneybatter is a kip!
@Stevie Doran: no Stevie, you’re not alone there!
I live there , and within a year since the DIT and student accommodation came in the yuppies arrived. All the old style pubs converted for the new kids in town.
have your say