Call for tax cuts for oil exploration operators

The main representative body for Irish oil and gas exploration firms wants to see more incentives for marginal field operators, as well as a lowering of the corporate tax rate for such companies, included in the Finance Bill later in the year.

The Department of Natural Resources has suggested it will table certain incentives for those active in the sector for inclusion in the bill, which is due to be drafted in October or November, without expanding on possible moves in detail.

While not actively lobbying the Government at present, the Irish Offshore Operators’ Association (IOOA), the chief representative body for companies prospecting for oil and gas in Irish waters, has suggested such measures would help progress Ireland’s exploration sector.