New oil exploration taxes needed, says SF

THERE were fresh calls last night to change the country’s oil exploration taxes, which are the lowest in the world.

The call from Sinn Féin’s Caoimhghín Ó Caoláin came after the Shell exploration company indicated it will re-apply to build a 150million gas terminal at Bellanaboy in north Mayo. The terminal is needed to process gas from the Corrib Field 70km off the Mayo coast.

The Corrib field, discovered in 1996, could yield up to 21billion worth of gas and Shell has already spent 200m developing the field.