Commercial offshore exploration incentives spur oil firm Petrel to submit drilling applications

OIL company Petrel has renewed its interest in offshore drilling on foot of revised Government incentives for commercial exploration.

Petrel has submitted applications to explore blocks in the Porcupine Basin off Ireland’s west coast. This marks a welcome renewal of interest in Irish exploration for Petrel, a company originally formed in 1982 to explore for oil off the Irish coast.

Following the failure of that original Irish venture, Petrel has enjoyed considerable global success, and currently has operations in Iraq and Ghana. It has just sold 90% of its interest in two Iraqi fields for US$7m (€5m).