Atlantic Margin Licensing Round announcement could benefit Irish-based company

Business | Thu 11 Feb | Author – Business & Finance
tony o'reilly
Tony O’Reilly, chief executive, Providence Resources

Providence Resources chief executive Tony O’Reilly has welcomed the announcement today that eight companies have been awarded new acreage in the southern Porcupine Basin as part of the 2015 Atlantic Margin Oil and Gas Exploration Licensing Round.

The offer of 14 new licensing options in the Irish offshore has been announced today following the conclusion of the first phase of the awards.

This phase of awards focuses on an area in the southern Porcupine Basin, where a number of applications included commitments to acquire new seismic surveys later this year.

Joe McHugh, Minister of State at the Department of Communications, Energy and Natural Resources, said: “The response to the round has been extremely positive, with 43 applications for licensing options received by the deadline of September 2015.

He continued: “This is by far the largest number of applications received in any licensing round held in the Irish offshore. At a time of very low oil prices the strong interest in the round is very positive. Industry’s response to the round demonstrates the perceived positive exploration opportunity 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 eight companies, Eni, Europa, ExxonMobil, Nexen, Scotia, Statoil and Woodside as operators, along with BP who will partner with Eni.

The second and final phase of awards is planned for mid-May.

Providence Resources is an Irish-based oil and gas exploration company with a portfolio of appraisal and exploration assets located offshore Ireland and the UK.

Since its formation, Providence has built a diversified portfolio of oil and gas exploration licences and concessions with the key focus being the pursuit of exploration and appraisal interests offshore Ireland.