UK exploration firm to switch Irish offshore focus to gas

Europa Oil and Gas could be sitting on 2.7 trillion cubic feet of gas offshore Ireland.

British exploration company Europa Oil and Gas is refocusing its Irish operations on gas prospects and will look to sell stakes to partners who can help develop its sites.

The Government has banned the issuance of future oil and gas licences, but drilling can continue on existing licences. However, Europa – a big acreage holder offshore Ireland for years – plans to relinquish four of its oil-driven licences off the west coast, resulting in a non-cash write-off of £4m (€4.4m).