On 18 June 2014, Ireland's Minister for Communications, Energy and Natural Resources, Pat Rabbitte, announced that Ireland is considering changes to its tax regime for offshore oil and gas exploration and production. The Changes are meant to increase the State's return from discoveries made under future exploration licenses and licensing options, and ensure an earlier share of revenue for the State. The proposed changes include replacing the current profits resource rent tax with a variable rate petroleum production tax based on the level of profitability achieved by each field, with a minimum rate of 5% of a field's gross revenue....