Interest Increases In Oil And Gas Potential Of The Irish Offshore

There is increasing interest in the oil and gas potential of the Irish Offshore, the Minister for Natural Resources has announced.

At the Atlantic Ireland Conference in Dublin, Minister Joe McHugh said Ireland has the highest number of exploration authorisations in place, since exploration began in offshore four decades ago.

He said: "In recent years the level of seismic acquisition has risen very significantly with more 2D and 3D seismic acquired in the period 2013 to 2014 than in the preceding ten years combined.


"Drilling levels are set to increase from a low base over the next two to five years, as drilling commitments now in place are delivered and as new drilling commitments are entered into following on from decisions made by companies currently investing in seismic acquisition.

"All of this demonstrates that exploration in the Irish offshore is moving in the right direction. What we are witnessing in our offshore is positive and there is a clear forward momentum. The Government's intention is that this momentum should be maintained, with the ultimate aim of ensuring that the true potential of our indigenous oil and gas resources will be realised for the benefit of our people."

(CD/MH)