Ireland, most popular as “the land of castles” is a store house of humongous amount of oil and gas deposits. Idea-driven exploration and research activities are necessary to burrow the potentials to its maximal.
Minister for Communications, Energy and Natural Resources is continuously involved in reforming the tax terms and regulatory framework for oil and gas exploration which is due by this June. Government has appointed Wood Mackenzie (research and consultancy group for global energy, mining and metals) which is obligated to raise the analysis report by April.
This exploration is foreseen to profit the economy by 25% to 40%. Dail committee has shown signs of increase in tax rates for future license.
Ireland has been dealing with the resistance caused due to fiscal regime for incoming exploration companies and lack of economical assets to take up domestic explorations. However, with the increased commercial cooperation in LNG market all over the world, more benefits are likely to be harnessed from the “land of castles”.