Sinn Féin is calling for changes to the revenue and licensing terms governing oil and gas exploration.

The party has published the text of a Private Members' Motion it will table in the Dáil on Tuesday.

It will call for the consents and licenses for the Corrib gas field, and exploration license for Lough Allen, to be immediately revoked pending a full review of all license and taxation issues.

The motion also calls for the State to take a 51% share in all gas and oil finds, for the establishment of a State exploration company, and for a 50% tax on profits and a 7.5% royalty to be imposed.

Sinn Féin TD for Dublin South Central Aengus Ó Snodaigh said: ‘Oil and gas companies in Ireland are given among the most generous terms in the world, which means only a small proportion of the value of the deposits will come to the Irish people unless there is a radical change.’