Oil firms to pay under €10,000 for exploration

INTERNATIONAL companies given licences this month to explore potentially lucrative sections of Irish water for oil and gas will each have to pay less than €10,000 a year for the privilege.

Critics, including trade union SIPTU, have again warned that the Government is letting exploration companies off too cheaply.

But the Department of Communications, Marine and Natural Resources has defended both the terms of the deal and the Government’s approach to exploration rights.