The Department of Communications, Energy and Natural Resources paid €212,873 to consultancy firm Wood Mackenzie to examine the "fitness for purpose" of Ireland’s oil and gas fiscal system.

Ireland’s tax regime for oil and gas exploration is to be reformed, with future discoveries taxed according to their scale and value.

Ireland’s off-shore oil and gas exploration "is going in the right direction" with new figures showing that more off-shore petroleum exploration licences have been awarded in the first four months of 2014 than throughout last year.

China’s growing thirst for oil will place a greater strain on the world’s top supplier, Saudi Arabia, at the very time doubts are being raised about the kingdom’s ability to substantially increase production.

SHARES in Elan gained nearly 5% yesterday after the drug group said it was looking to launch a treatment for Multiple Sclerosis (MS) in Europe.

Oil companies are facing calls for a crackdown in the way they handle their oil and gas reserve figures, after Friday's shock announcement from Shell when the group cut its estimated proven oil and gas reserves by 20%.