Pat Rabbitte (Dublin South West, Labour)

I do not have any knowledge of reported stories concerning the protests at the Corrib field but I agree with the Deputy that the allegations are unedifying. With regard to the tax regime as applying to offshore prospecting, it is true that a different regime existed up to 1987, when it was changed. The change occurred because the expectations from the early 1970s were, unfortunately, not borne out then or since. Our strike rate is especially disappointing. Therefore, I fully endorse the current policy of trying to generate more activity in exploration.

Deputy Ferris would acknowledge that 25% or 55% of nothing is still nothing. If we do not bring about finds, the issue is entirely theoretical. Deputy Ferris advances the information that when he worked on the rigs, there were potential finds but the water was too deep for technology to exploit the resources at the time. Over the years the strike rate has been poor, although few holes have been drilled. We are trying to increase the rate of exploration activity.

See this speech in context