Oil and Gas exploration and extraction have never been a significant industry in Ireland, with companies investing heavily in exploration yet never striking wells with major oil deposits. Providence Resources PLC, one of Ireland’s leading offshore companies, although having hit water instead of oil in September of this year, has now announced that it expects to begin phase one of drilling close to the Barryroe field in the third quarter of 2018.
This news is boosted by a survey from PwC that reported a 59% increase in Irish Oil & Gas investment is on the way for next year. Due to the rising price of a barrel of oil and lowering costs, exploration in non-traditional locations has become more profitable. In the future, search for oil in unfamiliar places may become commonplace. With the recent surge of oil prices in the past few weeks to $60 per barrel, Ireland may become a prime candidate for further exploration.
Both the north and south Porcupine Basins have been deemed as popular choices for exploration as 52% of the survey respondents expressed interest in both. The North Celtic sea was also favourited, coming in 3rd place with 36% stating interest.
For Irish oil’s sake, let’s hope that barrel prices rise even further.
