The Government has invited applications for oil and gas exploration licences for newly discovered resources off the west coast.
Successful applicants will be allowed to explore new areas of the Porcupine Basin, an area of approximately 63,500 square kilometres.
Announcing the latest terms for exploration, Minister for Energy and Natural Resources Eamon Ryan said new domestic sources of fuel would ease Ireland's dependence on imported oil and gas. More than 85 per cent of the Republic's oil and gas is imported.
"As we approach a peak in oil finds, Ireland has become much more attractive to oil and gas companies," Mr Ryan said.
"I am pleased that finds under this licensing round could potentially yield much greater funds for the Exchequer. The change in the tax regime I announced in August will apply to Porcupine Basin finds.
"Therefore, profitable fields will pay up to 40 per cent in taxation to the Exchequer. That's a top rate increase of 15 per cent for the oil and gas companies involved."
In advance of decisions on the award of licences, a comprehensive Strategic Environmental Assessment (SEA) of the Porcupine Basin is being undertaken by external environmental experts ERT and Aqua Fact.
Their report will inform the industry of the environmental characteristics and sensitivities of the area, and will make recommendations to Mr Ryan as to how these should be addressed.
The closing date for applications is noon on December 18th, 2007. The next exploration licensing round will take place in early 2009 in the Rockall Basin.
