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Mon 12 Dec 2007Six oil firms seek licences to drill despite higher taxSix oil companies have sought exploration licences to drill for oil and gas off the west coast under the Government's new licensing round, even though taxes on discoveries have been substantially increased.Up to now, energy companies have paid 25 per cent in taxes to the State after all costs have been deducted, but Minister for Communications, Energy and Natural Resources Eamon Ryan has increased this to 40 per cent.