Exploratory drill off south coast to start
The drill programme involves a deep-water exploration well in 1.6km of water in the Porcupine Basin, 200km off the coast.
Drilling is due to begin on Saturday with the daily running costs estimated to be $1m.
The drilling is expected to last an estimated 90 to 120 days. The operation will be undertaken by Ocean Rig’s semi-submersible drilling rig Eirik Raude, supported by supply vessels operating out of the Port of Cork.
The costs of demobilising the rig from West Africa and bringing it to Ireland is estimated to be around $20m.
ExxonMobil has a 27.5% share of the prospect and its partners are Eni (27.5%), Repsol (25%), Irish firm Providence (16%), and Sosina (4%).
The licence area contains the Dunquin prospects South and North. According to Sosina, they contain reserves of 156m barrels of oil and 160m barrels of oil respectively.
Sosina also estimate that Dunquin South contains 4.4tn cu ft of gas and that Dunquin North contains 4tn cu ft.
The results of the drill programme will be eagerly awaited by the other players hoping to drill in the Porcupine basin.
The Department of Transport has advised all vessels, particularly fishing trawlers, are requested to give the Eirik Raude a wide berth.
