Call for 80% petroleum exploration tax

The “giveaway” of the country’s oil and gas resources should be ended by placing a tax of up to 80% on petroleum discovered off Irish shores.

A cross-party committee of TDs and senators has also recommended more consultation with communities affected by exploration works.

A licensing regime in place since 1992 means companies that discover and produce gas and oil in Irish waters are subject to a profit resource rent tax of 25% on top of corporate tax.