Next 5 years ‘key’ for Irish offshore exploration sector

The next five years is a make or break period for Ireland’s burgeoning offshore exploration sector, an industry analyst said yesterday.

In a report on the sector, Davy Stockbrokers’ Job Langbroek said that development of the Celtic Sea and Atlantic Margin areas will ultimately show if the industry has a viable future.

“Notwithstanding the presence of four discovered gas fields, the single biggest factor offshore Ireland is that no oil field has produced, or is producing, oil.