New exploration licences urged

LICENCES for oil and gas exploration should be scrapped and renegotiated to get a better deal for the country, according to a newly established lobby group.

The Government also needs to review the favourable tax breaks given to exploration companies, the Campaign for the Protection of Resources (CPR) said.

The country is losing out on millions of euro in royalties, taxes, wages and other spin-offs as a result of the Government’s licensing arrangements favouring exploration companies, CPR chairman Padraig Campbell said.