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Minister O'Dowd speaking at the Atlantic Ireland Conference

Minister for Natural Resources, Fergus O’Dowd, today announced the timing and outline of the next Atlantic Margin Oil and Gas Exploration Licensing Round. The full detail of the Round will be announced after a review of oil and gas fiscal terms is complete in early 2014.

The Round is scheduled to open in April 2014 and will close in September 2015. It will include all of Ireland’s major Atlantic basins, and the form of licence on offer will be a two year licensing option.

Speaking at the Atlantic Ireland Conference in Dublin this morning, Minister O’Dowd highlighted the increased interest in the oil and gas potential of the Irish Offshore.

The Minister said:

It is a fact that Ireland competes for mobile exploration investment in the same way it competes for Foreign Direct Investment in already established onshore sectors.

The Government’s strategy for the exploitation of the State’s natural hydrocarbon resources aims to maximise the level of exploration activity and increase the level of production activity, while ensuring a fair return to the State from these activities.

It is important then that the State provides suitable opportunities for international investors and provides the right environment to encourage industry to take the risk associated with investing in exploration.