Government to raise tax rates on offshore exploration

The government is to revise upwards taxation measures on petroleum production in a bid to provide for an increased financial return to the State from discoveries made under future exploration licences.

18th June, 2014
Providence Resources is one of the company's currently exploring for oil and gas around Ireland's coast, as seen above at its Barryroe prospect.

The government is to revise upwards taxation measures on petroleum production in a bid to provide for an increased financial return to the State from discoveries made under future exploration licences, Energy Minister Pat Rabbitte announced today.

Minister Rabbitte announced that having received and considered Wood mackenzie’s comprehensive and detailed report that he had sought agreement of the Government that Ireland’s oil and gas fiscal terms should be revised along the lines recommended in a...

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