A recently published report by the Irish trade union SIPTU has reiterated that of 142 countries studied "Ireland has the 2nd lowest take of all the countries studied" from its oil and gas licensing structure. The worst is Cameroon. Initially under the 1975 licensing terms the Irish government held a 50% stake in all oil and gas finds with 50% tax accruing from all profits. In 1987 Ray Burke abolished the 50% stake and any royalties accruing. In 1992 Bertie Ahern reduced the corporate tax from 50% to 25%. In addition under the current licensing structure any oil company which makes a find of Irish oil or gas is not compelled to sell the gas onto the Irish market but can sell it straight into the European grid. If it chooses to sell onto the Irish market it can charge full market price. The report recommends that no further licenses should be granted until a full review of the licensing structure for oil and gas exploration takes place.

 

Read the full report here.

   

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