Exploration firms start bidding for new seismic data

A number of exploration firms are lining up to buy newly available seismic data on key offshore basins ahead of September’s deadline for applications in the Government’s latest licensing round.

Australia’s Searcher Seismic has completed a long-offset broadband 2D seismic survey covering three key basins off the west coast: The Porcupine Basin, Slyne Basin, and Goban Spur.

A number of leading players — including Providence Resources, Cairn Energy, Kosmos Energy, and Europa Oil & Gas — are active in the area.

The survey marks the first time that the Perth-headquartered Searcher Seismic — which has its European operations based in Norway — has undertaken seismic work in Irish waters.

The privately owned company’s portfolio is largely made up of seismic work acquired from waters around Australasia and the Asia-Pacific region.

Depending on the full results, due next March, the requirement of new data from permit holders, and the need for 3D seismic work, Searcher is open to continuing work in Irish waters.

Its current work covers about 9,100km and 30 exploration and appraisal wells; around 80% of wells already drilled in the area.

Sales manager Paul Larsen said Searcher has already licensed the preliminary information to some companies and is talking to a number of others regarding further sales.

The data is the first to be made available this year, following on from the Government-commissioned 2D survey carried out by Italian company ENI last year.

A new oil and gas sector survey, from PwC, shows that while 81% of firms are optimistic about the level of petroleum yet to be discovered in Irish waters, only 18% rate the outlook for the sector here as being “favourable”.

Nearly half of those surveyed said they intended to participate in the new licensing round, but 30% said they remained undecided.