British exploration company Europa Oil and Gas has tentatively agreed terms with an unnamed major international oil and gas company to develop a significant portion of its Irish offshore licences.

British explorer, Europa Oil and Gas, is to fast-track work at its flagship Irish licence, near the Corrib field, saying the project could significantly reduce Ireland’s reliance on gas imports.

One of the main international exploration companies active in Irish waters has said it remains “excited” and confident about realising its asset potential here despite last week’s Dáil vote in favour of a ban on drilling for oil off the Irish coast.

UK exploration firm, Europa Oil and Gas has confirmed it will seek to increase its Irish acreage by bidding for more prospects in this year’s Atlantic Margin licensing round.