Some 50 per cent of the world’s energy needs are met by oil and gas. Despite the significant investments in renewable energies being undertaken by both the public and private sectors, oil and gas are forecast to continue to play a significant role in both the global and domestic energy mix in the coming decades.
In 2011, the global traded value of fuels was approximately three trillion US dollars. A share, even a small share, of this trade has the potential to have significant economic benefits for Ireland.
Minister of State at the Department of Energy Communications and Natural Resources, Fergus O’Dowd, said recently that the Government’s underlying objective was to ensure that the State’s natural resources were exploited in a manner that maximised the benefits accruing to the people of Ireland. He was speaking at the ‘Oil and Gas Seminar: Prospects and Market Outlook’, which was hosted by Energy Ireland earlier this month.
Such benefits can take a number of forms including: