Woodside Confirms Commitment to Ireland

In the aftermath of the termination of its non-binding Memorandum of Understanding for two offshore licences in Israeli waters, Australia’s Woodside communicated to investors its plans for the future. In the occasion, the company did not mention Israel, but renewed its commitment for exploration activities in Ireland. 

The company owns 85% of two licences and 90% of another licence in the Porcupine Basin. 

‘Woodside (is) strategically positioned as an early mover with material equities,’ reads the presentation by Phil Loader, EVP Global Exploration. 

According to the company the area is underexplored and overlooked, but it has proved petroleum system with play diversity.

Woodside said it intends to carry out a 3D seismic survey ‘in 2015 prior to drilling commitments.’

No reference has been made to its participation to a joint venture for blocs Canaries 1 to 9 in Spain, for which ‘preparation of data for applications to drill in 2014 is also underway.’