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Oil Industry News

Rules changed to promote hunt for oil and gas
Thursday, 17, June 2010


THE Government has changed rules for exploration companies hunting for oil and gas in Irish waters to encourage new operators to search off the Irish coast.The rules will open up a much larger area to exploration and give companies two years to decide whether they want to drill once they have started looking for oil.Previous rules forced explorers to spend large sums of money and limited oil companies to an area around the Porcupine Basin off Kerry and the Rockall Basin off Mayo.

"Basically what we want is more exploration and more drilling," Science Minister Conor Lenihan said after a briefing for oil industry executives yesterday."We want to make it less costly and bring in smaller players," he added.Ireland owns 10 times more land underneath the sea than above the water but many of the sea basins that contain oil and gas are relatively remote from the mainland and up to 3km below the surface.While Ireland is believed to have 10 billion barrels of oil and gas waiting to be exploited, fewer than one out of 30 wells drilled so far has actually struck oil that can be used commercially.
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