The Irish Government has revealed new draft laws which could see an increase in the maximum tax on oil and gas fields in the country from 40% to 55%.
The reports in the Irish Time said a new petroleum production tax could be cast to ensure that discoveries made under future exploration licences will lead to an increased financial return for the State.
The measure has been set out among other new steps in the Finance Bill.
Independent oil and gas explorer Faroe Petroleum have been awarded three new licensing options in the Celtic Sea.
The award was confirmed by the Irish Minister for Communication, Energy and Natural Resources, Alex White.
