First Irish oil ‘years away’

Commercial oil production from offshore Irish licences will not become a reality until at least 2023, one leading player has said.

British explorer Europa Oil and Gas has a number of licences and prospects off the west coast and is in line for more when the second phase of options from the recent Atlantic Margin Licensing Round are awarded next month.

Chief executive Hugh Mackay said yesterday that while oil prices will likely stabilise, the current low price environment should not matter for Ireland as local licences will not be producing until the next decade, and 2023 at the earliest.