End of 2009 Rockall licensing round

Communications Minister Eamon Ryan today announced the closure of the 2009 Rockall licensing round, under which oil and gas exploration companies were invited to apply for new exploration licences in the Rockall Basin.

Minister Ryan welcomed the applications received and acknowledged that "while exploration in remote deep water areas such as the Rockall Basin is difficult and costly, there is significant potential reward.

"Should licences be granted under this round, a tax rate of up to 40% would apply. This is very good news for the Exchequer."

The applications will now be evaluated in accordance with the agreed criteria and a decision on whether or not to offer licences will be made shortly.