During 1975 Keating introduced the first substantial legislation for the development of Ireland's oil and gas. The legislation was modelled on international best practice and intended to ensure the Irish people would gain substantial benefit from their own oil and gas. Under Keating's legislation the state could by right acquire a 50% stake 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 that energy companies would begin drilling within three years of the date of the issue of an exploration license.