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Government incentives reignite Petrel’s oil drilling interest

Irish Trucker

Petrel has renewed its interest in offshore drilling in Ireland after the Government revised incentives for commercial exploration.

Petrel – formed in 1982 to explore for oil off the Irish coast - wants to explore blocks in the Porcupine Basin off Ireland’s west coast.

Petrel’s original Irish venture failed but it has enjoyed considerable global success, with current operations in Iraq and Ghana.

The Petrol Affairs Division in the Department of Communications, Energy and Natural Resources estimates that Irish waters could contain up to 10 billion barrels of oil, worth a potential trillion dollars. The probability is that any oil or gas would be located in a series of pockets rather than one giant well.

Managing director David Horgan says: “I think there will be Irish discoveries. It only takes one or two hits to transform how a country is perceived, and I like to think of the glass as half full.

“Every year technology improves. The 3D seismic view offers a much clearer picture. We now have the ability to drill in deeper waters, and horizontal drilling has reduced the cost of finding and extracting oil. At $100 a barrel, it is more viable to consider smaller fields than before.”

Posted Date: 
30 June 2011