Saturday June 6, 2020

State unlikely to benefit from Corrib gas field

Since beginning its operation in 2015, the project has effectively paid no tax on its production due to extremely liberal 1992 licence tax terms and a peculiarity in Irish hyrdrocarbon law that allows set-up costs to be offset against future tax

Daniel Murray

Business Reporter

@danieltmurray
7th July, 2019

The Corrib gas field is unlikely ever to pay tax, according to analysis by The Sunday Business Post. Since beginning its operation in 2015, the project has effectively paid no tax on its production due to extremely liberal 1992 licence tax terms and a peculiarity in Irish hyrdrocarbon law that allows set-up costs to be offset against future tax.

This means the revenue to the government from state-owned natural gas in the Corrib field is likely to...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.

Annual

€200

€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.

Quarterly

€55

€42

90 Day Pass

You can cancel any time.

Team Pass

Get a Business Account for you and your team

Related Stories

The former NTMA head says he is ‘quite alarmed’ at the potential for legal actions over the large number of deaths in nursing homes during the crisis

Michael Brennan | 1 month ago

Oil storage in the self-styled ‘Pipeline Crossroads of the World’ is full to the brim, but the black stuff keeps on coming. With much of the world’s economy in a Covid-19 slowdown, at one point last week, benchmark US crude oil was priced at minus $37.63 a barrel

Barry J Whyte | 1 month ago

Every time Donald Trump spoke on the Covid-19 crisis last week, the stock markets plunged by another point

Marion McKeone | 2 months ago