Irish Offshore Round 'Success' despite Low Prices

Ireland is awarding 14 new licensing options in the Irish offshore following the conclusion of the 2015 Atlantic Margin Licensing Round last September. This brings the 2015 Atlantic Margin Licensing Round to a close.

The minister of state for natural resources Sean Kyne said the response had been “very positive,” given the low oil price. In all the ministry had received a total of 43 applications for the options by last September’s deadline. This was “by far the largest number of applications received in any licensing round held in the Irish offshore,” he said.

Ireland's Minister of State for Natural Resources Sean Kyne (Photo credit: DCENR)

These awards are the second phase of awards under the round, and follow on from the first phase of awards which were made in February. A total of 28 new options have now been awarded and winners will carry out work programmes that will deepen understanding of the petroleum potential of Ireland's offshore, the ministry said.

Kyne said, "Industry's response to the round demonstrates the perceived positive prospectivity of Ireland's offshore and highlights confidence in the Irish regulatory process and the ability of industry to do business in Ireland."

The offer of awards involves eleven companies: AzEire Petroleum, Capricorn Ireland, Europa Oil and Gas, Faroe Petroleum, Petrel Resources, Predator Oil and Gas, Providence Resources, Ratio Petroleum and Scotia Oil and Gas, all as operators, along with Theseus who will partner Predator, and Sosina Exploration who will partner Providence.

Winners of the first tranche were Eni with BP, Europa, ExxonMobil, Statoil, Chinese state CNOOC's subsidiary Nexen, Scotia and Woodside.

William Powell