Conor Lenihan (Dublin South West, Fianna Fail)
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The revenue to be achieved by a 10% levy on natural resources extracted offshore Ireland would depend on a range of factors, including the capital cost of extraction, quantities and grades of resources extracted and the price of the extracted material over the life of the extraction of the resource. In the case of non-petroleum minerals, there is no production from the Irish offshore at present so there would be no yield from such a levy. Furthermore, as there are no identified reserves or resources of non-petroleum minerals in the Irish offshore, no estimate can therefore be made of any return to the State if such a levy were applied, and any such estimate would be fraught, depending on estimates of factors such as those set out above.

In the case of petroleum, the only existing production is off Cork (Kinsale/Seven Heads) where annual production volumes for 2011 are estimated at 11.5 billion cubic feet. The value of this gas will depend on the price agreed between the producer and its customers.