SF seeks new exploration terms

Sinn Féin is to table a motion in the Dáil next week calling for radical changes to oil and gas exploration in the State.

The Private Members Motion calls for the consents and licenses for the Corrib gas field to be revoked pending a full review of all licences and taxation issues. It also says exploration should be carried out on Lough Allen.

Sinn Féin said the State should take a 51 per cent share in all oil and gas finds and that a State exploration company should be re-established.

The party said a 50 per cent tax should be placed on profits from exploration activities and that a 7.5 per cent royalty should be imposed.

Sinn Fein TD Aengus Ó Snodaigh said oil and gas companies operating here are some of the most generous terms in the world.

"That means that only a small proportion of the value of the deposits will come to the Irish people unless a proper taxation structure is put in place and the state takes a direct stake in all finds," he said.

The motion will be heard on Tuesday.