Political Career
Keating was first elected to Dáil Éireann as a Labour Party Teachta Dála (TD) for the Dublin County North constituency at the 1969 general election. From 1973 to 1977 he served in the National Coalition government under Liam Cosgrave as Minister for Industry and Commerce. In 1973 he was appointed a Member of the European Parliament from the Oireachtas, serving on the short-lived first delegation.
During 1975, Keating introduced the first substantial legislation for the development of Ireland's oil and gas. The legislation was modelled on international best practise, ensuring the Irish people would gain substantial benefit from their own oil and gas. Under Keating's legislation the state could acquire a 50% stake, by right, in any viable oil and gas reserves discovered. Production royalties of between 8% and 16% with corporation tax of 50% would accrue to the state. The legislation specified energy companies would begin drilling within three years of the date of the issue of an exploration license.
He lost his Dáil seat at the 1977 general election, but was subsequently elected to Seanad Éireann on the Agricultural Panel, serving there until 1981. He briefly served again in the European Parliament from February to June 1984 when he replaced Séamus Pattison.
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