Call for oil and gas tax terms to be reviewed

The main representative body for Irish exploration firms has suggested the Government should review its fiscal and taxation terms for oil and gas finds within the next 12 months.

The Irish Offshore Operators’ Association has said a review would be timely by the end of this year or in the first half of next year.

This would depend on oil price movement, results of drilling activity in Irish waters and any tax movements made in the UK.