• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 12 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 2 hours Ecoside
  • 9 hours Oil at $40
  • 33 mins Japan’s Deflation Mindset Could Be Contagious
  • 16 hours Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 4 hours US Military Spend at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 15 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
  • 6 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 11 hours Gas Flaring
  • 11 hours Negative Gas Prices in the Permian
  • 2 days Guaido and the Conoco Award
  • 20 hours The Number Increases: Swiss To Support Belt And Road Push During President's China Trip
  • 1 day Is Canada hosed?
This Is A Crucial Moment For Arctic Oil

This Is A Crucial Moment For Arctic Oil

Despite the high upfront costs…

The Exceptional Factors Driving Oil Markets

The Exceptional Factors Driving Oil Markets

The current oil market is…

Next Big Oil Discovery, Off the Coast of Ireland

When thinking about where the next big oil discoveries will be made, Ireland is probably not up there on the list, however it may be time to add it.

Oil exploration in Irish waters tends to focus around the North Celtic Basin, a shallow stretch of water just off the coast of county Cork, where Providence Resources last year discovered 1.6 billion barrels of oil.

Providence has now begun to drill the Dunquin exploratory well with its partner ExxonMobil, in the deepwater Porcupine basin, some 200km off Ireland’s west coast. Hopes are high for the potential of Porcupine because it bears geological similarities to huge oil bearing fields off West Africa and French Guiana, where huge discoveries, such as the Jubilee field off Ghana, have been made in recent years.

Related article: North Dakota Oil Boom Set to Continue for Some Time

Both Providence and ExxonMobil say that the well will take around three months to complete, and that they hope to find an enormous reservoir of gas condensate, that could rival the world’s largest offshore discoveries from the past decade.

In 2006 the Irish government estimated that there may be as much as 10 billion barrels of oil in the area, and oil companies have started to take interest.

Unwilling to miss out on the potential that might be discovered, Kosmos Energy, partners with Tullow Oil in the Jubilee field, has struck deals to be involved in Europa Oil & Gas, and Antrim Energy’s exploration licenses in the Porcupine basin.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News