The current regulatory framework underpinning Ireland’s burgeoning oil and gas sector is not fit for purpose and is insufficiently structured to facilitate or attract large scale developments, a new industry survey has claimed.

The coming year is set to be another interesting one in terms of the development of Ireland’s much mooted, though still largely unproven, offshore oil and gas potential.

The Government is set to announce details of a major research contract to assess Ireland’s true oil and gas potential in the coming weeks, with industry rumours suggesting Italian giant Eni could be signed up as project partner.

Two companies have identified oil targets off the west coast, with the combined potential to produce nearly two billion barrels of oil.