• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 18 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Editorial Dept

Editorial Dept

More Info

Major Offshore Potential In This Tiny Nation

Introduction

The North Sea has long been in decline. An era in which the British Islands fueled Europe’s oil and gas needs, which has lasted for over a generation, is slowly coming to a close.

But while Scotland (and thus, the UK) has been the base for North Sea oil development, Ireland has largely been left out of the hydrocarbon bonanza. Having never developed its own oil and gas resources, Ireland has been a sort of forgotten step child to its larger neighbor just across the Irish Sea.

However, that could soon change. A recent announcement about the large potential for oil and gas off the coast of Ireland is raising hopes that Ireland’s day may finally arrive. For now, low oil prices will keep rapid development at bay. But when oil prices rebound, with some luck, Ireland may no longer stand in a British shadow in terms of energy development.

Offshore Ireland

Ireland has never been a significant player in the energy world. It faces some challenging exploration conditions, including rough Atlantic waters and drilling depths often between 500 and 2,000 meters.

Offshore Ireland has been a tough nut to crack. There have been over 200 wells drilled around Ireland, but only two of them have yielded commercial discoveries. Royal Dutch Shell (NYSE: RDS.A), with its partners Statoil (NYSE: STO) and Vermilion Energy (NYSE: VET), developed the Corrib gas field, a natural gas project off the northwest coast of Ireland. Even that had an…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News