Offshore gas and oil drilling is set to increase

OFFSHORE Ireland will see higher drilling activity and should be considered in the context of overall European gas supply and demand.

This is according to a study on offshore Ireland conducted by Davy stockbrokers which said high oil and gas prices, improved deep water technology and a safe political environment mean that higher drilling activity can be expected in Irish waters.

Davy says most of this activity will be undertaken by non-national companies, including some of the world’s largest oil and gas firms. However a number of local players such asIsland Oil & Gas, Providence Resources and Lansdowne Oil & Gas offer ways for investors to participate, it said.