The Irish Times – Monday, August 29, 2011
OF ALL the big questions facing the State, few have more profound long-term implications than the management of our natural resources. Official estimates suggest a potential reserve of hydrocarbons equivalent to 10 billion barrels of oil off the west coast alone. Were all of this to be recovered, it would be enough to supply Irelands gas and oil needs for a century.
With the stakes so high, it is imperative that the State gets its approach right. It has to balance the need to get companies to spend vast sums drilling wells with the public interest in maximising benefits from resources that belong to the Irish people. There is some urgency. A new round of applications for exploration licences in Atlantic waters closed at the end of May. Fifteen applications were received the largest number of any licensing round to date and an indication that Irish waters are an increasingly attractive prospect.