ExxonMobil gears up as rig arrives to begin drilling at Dunquin prospect

ExxonMobil is gearing up to finally begin drilling off the coast at the highly-anticipated Dunquin prospect, with the rig arriving in Cork late last week for preparation.

Located approximately 150km off the coast of Kerry — in the Porcupine Basin — Dunquin has long since been heralded as one of the high-potential exploration prospects in Irish waters; with Providence Resources’ chief executive, Tony O’Reilly Jr having referred to it as “a world-class structure” back when the company launched details of its multi-well Irish interests.

Providence is a 16% shareholder in Dunquin, with London-headquartered explorer Sosina holding a 4% interest. Spanish oil and gas company, Repsol, holds a 25% equity stake. However, Italian energy giant, Eni and ExxonMobil are the main two stakeholders — each with a 27.5% holding — with the latter acting as operator since 2008.