Minister dictates what consultants’ findings should be: that things are fine the way they are
Last week Minister for Energy and Natural Resources Pat Rabbitte named the company chosen to carry out a “fitness-for-purpose” review of Ireland’s infamous licensing terms for oil and gas exploration. Unfortunately, the company he has tasked with carrying out this review is Wood Mackenzie, a company at the heart of the very industry that stands to gain from Ireland’s “attractive” licensing regime remaining as it is. Wood Mackenzie is an oil industry consultancy firm: what Mr Rabbitte is asking it to do is recommend whether or not he should reduce the share of revenue that some of its clients will receive from the sale of Irish oil and gas.
Wood Mackenzie’s parent company Hellman & Friedman also jointly owns an LNG (Liquefied Natural Gas) engineering company with oil major Total (see note below). Continue reading