Exploration firm attacks tax rates

One domestic-based exploration firm has openly criticised the Government for its new tax rates for oil finds in Irish waters, just a week after they were unveiled.

Industry veteran John Teeling, chairman of Dublin-based Petrel Resources, which has operations off the west coast as well as in Ghana and Iraq, said that reducing monetary returns for firms will only result in a reduction in overall investment in Irish waters.

He added that the new fiscal regime could well result in viable Irish oil fields not being developed.