Costs big challenge for oil and gas sector

Up to €1.5bn could be invested in the Irish oil and gas sector over the next three years, according to a major survey of industry participants by PwC.

However, the ultimate spend on exploration and related activities hinges on the success rate of drilling programmes; the fiscal regime for energy firms; and reform of the planning system.

The cost of exploring, access to funding and obtaining licences are all seen as big challenges facing the sector.