Optimism prevails in Irish offshore despite low oil prices

Low prices pose major challenge for sector, writes Geoff Percival.   

Where previous years have typically been marked down as false dawns for the much-touted, but still unproven Irish offshore exploration sector, 2015 — thanks to the complete meltdown in global oil prices — has been one of real change, with licence holders beginning to withdraw from the game.

December saw the first high-profile victim of the oil price slump, with Norwegian seismic surveyor Dolphin Group filing for bankruptcy and other Oslo-listed competitors in danger of following suit, with drilling firms also likely to feel the heat.