Irish exploration company Clontarf Energy has said it remains "hopeful" it can reach agreement on a long-running dispute over lost acreage in Ghana.

Markets don’t believe Opec’s output plans will work

As far as energy is concerned, potential Brexit tariffs and the sterling exchange rate are red herrings. Tariffs — as opposed to transport costs — are no big deal in the oil, gas or electricity exploration and production industries.

The decision by Shell to sell its stake in the Corrib gas field for €1bn was not unexpected, as the oil giant continues to pull back from smaller projects globally, but it will have learned from its chequered management of the project, a leading Irish oil expert has said.

Irish oil and gas exploration company Petrel Resources said it has “sufficient” funds to cover activities for the “near future” despite seeing losses widen by nearly 13% over the past 12 months.

Irish explorers Clontarf Energy and Petrel Resources are confident of finally reaching a lasting agreement with Ghana’s government over the replacement of lost acreage in the west African country before the end of this year.

US president Donald Trump’s missiles pushed the oil price up by $4 but deeper oil market change is under way. Syria has no significant oil trade but rockets alert speculators to instability nearby.

Petrel Resources — the Irish AIM-listed exploration firm — has reported a near 28% narrowing in first-half losses.

Customers are likely to see even lower prices at fuel pumps in the coming weeks, according to the Irish Petrol Retailers Association.

John Teeling has said exploration firm Petrel Resources, of which he is chairman, has ample resources to weather the current challenging market conditions produced by the low oil price environment.

Petrel Resources is actively eyeing up more prospects in Ireland and elsewhere and is planning drilling activity on existing Irish acreage in the next three to four years.

The oil market is working: High-cost production is being retired and new projects are delayed or cancelled while demand is again surging.

Oil exploration company Petrel Resources reduced its losses in the first six months of the year, despite ongoing difficulties in its global activities.

Two Irish exploration firms — Clontarf Energy and Petrel Resources — have reached agreement with the authorities in Ghana over a long-running dispute concerning lost licence acreage in the west African country.

One domestic-based exploration firm has openly criticised the Government for its new tax rates for oil finds in Irish waters, just a week after they were unveiled.

Up to €1.5bn could be invested in the Irish oil and gas sector over the next three years, according to a major survey of industry participants by PwC.

Irish explorer Petrel Resources said it expects operational activity to speed up in the coming months.

Petrel Resources is planning an aggressive programme of works after signing a farm-out agreement with Australian gas giant Woodside.

Irish onshore and offshore oil and gas reserves could be worth more than €2tn, writes John Hearne

The mood music around Irish offshore exploration is as positive as it has been since the early 1980s writes Kyran Fitzgerald, but John Teeling, of Petrel Resources, says it is ‘too early to be counting eggs’

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

Petrel Resources has said that it has over $4m (€3.1m) in cash reserves, making it well-financed to progress with its current activities in Iraq, Ghana and offshore Ireland.

Irish exploration company Petroceltic is set to lodge the declaration of com-merciality for its headline asset, the Ain Tsila/Isarene gas field in Algeria, to that country’s government early next month.

Another oil firm has released encouraging news about oil prospects off the coast of Ireland.

Two oil firms have released encouraging news about oil prospects off the coast of Ireland.

Mining and exploration entrepreneur John Teeling is aiming to revitalise interest in his oil and gas exploration vehicle, Petrel Resources, after seeing the company significantly enhance its cash position last year.

Although the commercial viability of the Barryroe oil field has been established, the next stage is by no means risk-free.

IRELAND has upped its efforts to discover offshore oil by yesterday awarding 13 new licensing options.

THE formal go-ahead for Tullow Oil to farm-down part of its Ugandan asset portfolio to its international partners, Total and CNOOC, has been reportedly slowed by the country’s president objecting to part of the deal.

Dublin: Irish AIM-listed oil and gas explorer Petrel Resources is seeking new licences in Iraq — its main market of focus.

PETREL Resources has reported a significant lowering of losses and a diversification into Africa as it continues to wait for clarity on the future of the Iraq market.

PETREL Resources, the John Teeling-chaired oil and gas exploration company, has nearly halved its first-half losses and has confirmed it is in the advanced stages of finalising a farm-in partner for an upcoming mining project in Jordan.

IRISH oil and gas explorer Petrel Resources stock fell the most in four-and-a-half years in London trading yesterday after saying it hasn’t been paid for $54 million (€39m) of work in Iraq.

PETREL Resources, listed on the Irish secondary market, has raised £1,840,500 (€2.06m) involving subscriptions from three long-standing institutional shareholders.

IRISH oil and gas exploration company, Petrel Resources said its full-year loss widened as it awaits payments from a contract on a southern Iraqi oil field.

Petrel Resources, the Irish AIM-listed oil company focused on Iraq, announced a loss of €519,000 for the year ending December 31.

Exploration company Petrel Resources has announced a production sharing agreement in Jordan.

PETREL Resources has said its $200 million (€157.53m) contract to rebuild an oil field in southern Iraq is on track and the exploration company is also in the running to develop additional fields.

PETREL RESOURCES, the Irish-owned exploration company, has said that the €4m plus it expects to generate through its Iraq-based joint-venture with Makman Oil & Gas will be reinvested in Iraqi-based exploration business.

PETREL RESOURCES, the Dublin-headquartered oil exploration company, has signed a framework case study agreement with the Iraqi Ministry of Oil concerning the Merjan Oil Field area of the troubled country.

IRISH oil and gas exploration company Petrel Resources has won its first contract to drill for oil in Iraq.

OIL prices have traded at over $62 per barrel close to historic highs over the past 24 hours as fears for future oil supplies intensified.