State launches latest round of offshore licensing

The Government has launched its first offshore licensing round for three years, adding that its revised fiscal terms for incoming operators should encourage new investment in Irish waters.

Natural Resources Minister, Fergus O’Dowd formally announced details of the long-since anticipated 2015 Atlantic Margin Oil and Gas Licensing Round yesterday, saying it should build on the success of the 2011 round, which has to date seen 11 licensing options being converted into full exploration licences by their holders.

Again, this round — which is open to applications until September 2015 — will offer two-year licensing options and no exploration drilling will take place unless later converted.