The Barryroe test rig. Pic: Providence Resources

BEARA-based Fine Gael TD Noel Harrington, has described Providence Ireland’s revised estimates for oil found in an oil field off the coast of Cork, as an opportunity to harmonise the fiscal policy for the oil industry.

“I welcome the news that the potential for oil in Cork is much greater than was previously forecast by Providence Ireland,” he said.

“I understand that it will take some time to realise the full potential of the oil field, but it will significantly increase the confidence of the oil and gas exploration industry with the news that there is greater potential for exploration here.”

Deputy Harrington said he believed that there is now an opportunity to assess the taxation regime for the oil and gas industry.

“As a member of the Joint Oireachtas Committee for Communications, Energy and Natural Resources, we produced a working paper on how to improve the fiscal regime for Ireland in the energy field.

“It is imperative that we achieve a balance between attracting the exploration industry to Ireland and charging royalties for any oil or gas they find.

“This paper has been submitted to Minster Rabbitte for consideration and I hope that we can all come together to find a solution that is mutually beneficial to all parties involved,” he said.