Petrel has agreed to farm out 85% of the holding to Woodside as they believe that the Australian company is bringing a new positive attitude to the Porcupine basin that will result in wells being drilled.
“If we didn’t think they were going to drill wells we would have been looking to keep a higher percentage,” said Petrel Resources managing director David Horgan.
Mr Horgan said Woodside has already successfully developed similar offshore deep-water sites in rough seas in the Southern Ocean. This experience means that Woodside is the perfect partner to help develop the oil and gas potential off of Ireland.
Woodside also have the means to complete seismic surveys and have rigs necessary for drilling. The company’s most recent annual report show they had net profits of nearly $3bn (€2.3bn).
“Woodside is considered a benchmark in gas and condensate development, and the most innovative large operator to have studied the basin.
“Woodside’s rapid development of challenging projects in Australia’s North West Shelf show what can be achieved. Woodside has discovered vast reserves, and brought them into production safely and quickly,” said Mr Horgan.
The arrival of Woodside into the Irish offshore oil and gas sector is a boost to the industry said Mr Horgan as the company’s attitude is much more aggressive than the other oil majors who are noted for being conservative.
“They are not coming in to mess around with a couple of seismic surveys. I would be disappointed if they didn’t drill a few wells,” said Mr Horgan.