‘Caveat Energy Investor’: Regulatory Concerns in the Energy Industry in Offshore Ireland

Regulatory compliance in the energy industry is a complex mix that has intricate interactions with stakeholders’ engagement and energy security. Therefore, for energy companies to accurately predict the future of an energy project, the issues of licensing, Health, Safety, and Environment (HSE), potential interventions by state regulators, and decommissioning must be holistically examined before commencing a project. Thus, this paper critically examined the regulatory concerns in Ireland’s energy industry. It explored the approach taken by the Irish
regulators to HSE and decommissioning. The paper further juxtaposed between the UK HSE and decommissioning approach and that of Ireland. Considering the recent regulatory interventions in the UKCS, the paper accentuated a similar potential interventionist approach by Ireland’s state regulator. Thus, the Energy (Windfall Gains in the Energy Sector) Act 2023 was examined. It also interrogated the ban on oil and gas licenses in Ireland and examined if it affected existing licenses. This section argued that Ireland’s current energy security concerns
may necessitate a change of heart on the part of the Irish Government. The paper concluded with an advisory note on how energy investors can effectively address the regulatory concerns in the energy industry in offshore Ireland.