One of the most active exploration companies in Irish waters has dumped one of its assets.

British exploration company Europa Oil and Gas is in talks with a number of potential development partners for its offshore Ireland assets despite an unnamed oil major, which was in pole position, walking away from the process.

Two Irish exploration companies are at the centre of significant oil finds in South America and Africa.

British exploration company Europa Oil and Gas is expecting to finalise a development partner for the bulk of its Irish offshore licences in the coming months, enabling drilling work to begin sometime next year.

More than a third of oil and gas exploration companies active in Irish waters are finding it difficult to source partners to develop their licences here.

Europa Oil and Gas has ruled out any prospect of drilling in Irish waters next year, but has said it is making significant progress towards drilling activity in 2020, including on its flagship gas project adjacent to the Corrib field off the west coast.

British explorer Europa Oil and Gas has launched a farm-out process for three of its licences located off the west coast, comprising half of its Irish-based assets.

Europa Oil and Gas, the British exploration company active off the west coast of Ireland, is looking to drill at its flagship asset close to the Corrib gas field next year.

The vast majority of oil exploration options awarded by the Government, in its last licensing round two years ago, are set to be taken up and progressed despite the threat of a ban being imposed on offshore drilling in Ireland, writes Geoff Percival.

The State has received only around €104m in royalty payments from the operator of the Kinsale and Ballycotton gas fields off the coast of Cork since 1998, new figures show.