New round of offshore licensing

The Government looks set to formally open its new offshore exploration licensing round next month, with it likely to run until the autumn of 2015.

Set to be its largest round in terms of interest from overseas players, the 2014/15 Atlantic Margin licensing round will be the first for three years and should lead to more clarity on a decision regarding tax terms for future commercial oil finds in Irish waters.

Six offshore licences were technically awarded during the first four months of this year. They were conversions of licensing options first awarded via the 2011 Atlantic Margin round, which had expired last November.