Rabbitte’s rush to give away offshore rights could cost us billions | Colm Rapple

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Rabbitte’s rush to give away offshore rights could cost us billions | Colm Rapple

Colm Rapple on the conclusions of the Oireachtas committee on oil and gas exploration which he also submitted evidence to.

It’s official. The terms at which we give away rights to potential offshore oil and gas reserves are far too generous. That was the unanimous conclusion of an Oireachtas committee that included 12 TDs and senators from Government parties and nine from the opposition. They want far tougher terms applied to all new licences. By implication, they fault minister Pat Rabbitte for rushing to issue offshore option rights last year covering the most favourable areas off the west coast.

The recipient oil companies can convert those options into exploration and production licences that will be subject to the current licensing terms – terms deemed wholly inadequate by the Oireachtas Committee, confirming the long-held view of many commentators.

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Donagh is the editor of Irish Left Review. Contact Donagh through email: dublinopinionAtgmail.com