State unlikely to benefit from Corrib gas field

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

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...

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