Huge possible benefits in offshore drilling, says group

THE Irish Offshore Operators’ Association has called on the Government to better promote Ireland as a viable target for overseas oil and gas exploration companies; adding that the development of even one major oil discovery off the Irish coast could deliver nearly €16 billion in direct taxes to the Exchequer.

While the association concedes that a large find from one of the few companies currently exploring in Irish waters — Providence Resources has high hopes for prospects it co-owns (one with US giant, ExxonMobil) off the east and west coasts — would probably bring a flood of overseas players into the market, it also feels the Government needs to do more to make Ireland more attractive to potential explorers.

It says the low success rate of exploratory drilling to date — only three commercial finds in Irish waters in 30 years — the delays in bringing the Corrib gas field into production, an absence of drilling infrastructure and the high cost of operating have all contributed to a lack of interest.