The anticipated wave of consolidation set for the international oil and gas sector could be about to hit the Celtic Sea, with Lansdowne Oil & Gas — the minority shareholder in the Barryroe field — likely to be sold.

Irish exploration firm Lansdowne Oil & Gas saw its share price jump by nearly 15% yesterday on the back of it attracting a development partner for its Celtic Sea assets.

Nine parties have expressed serious interest about investing in the Celtic Sea and onshore Moroccan assets of Irish exploration firm Fastnet Oil & Gas.

China may boast the world’s largest potential reserves of shale gas but is likely to lose to Australia in the race to be second behind the US in bringing significant production on line.

THE movers and shakers of our fledgling oil industry are small by any standards.

Canada’s government has approved China’s biggest overseas energy acquisition, a €11.7bn takeover by state-owned CNOOC of oil and gas producer Nexen.

The Barryroe oil field off Co Cork could produce up to 100,000 barrels of oil per day, or a total of 280m barrels of recoverable oil over a 25-year lifespan.

Providence Resources has been awarded a foreshore licence for its Dalkey Island prospect — a move which gives the company the green light to drill off the Dublin coast early next year.

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

Global stock markets soared higher today as investors took heart from positive signs for the global economy.

ENERGY giant PSE Kinsale Energy has launched a major feasibility study into the development of a €500 million natural gas storage complex of strategic national importance.

PROVIDENCE Resources has pulled out of its proposed acquisition of 40% of the Kinsale Head Area assets from Malaysian oil company, Petronas.

Oil and gas exploration company Providence resources today said it was not going ahead with the planned acquisition of 40% of the Kinsale Head Assets from Malaysia's Petronas due to falling gas prices.

PROVIDENCE Resources, the Tony O’Reilly Jnr-led oil and gas exploration company, is being tipped to sell some of its assets this year, although the company is remaining reticent on the issue.

IRISH exploration company Providence Resources is to largely focus on its assets off the west coast of Ireland in the coming year.

Mercedes GP have signed a long-term title-sponsorship agreement with Malaysian national oil and gas company Petronas.

Oil giant Royal Dutch Shell is set to sell oilfields worth up to $5bn (€3.5bn) in Nigeria as part of a shake up of operations in the country, it was reported today.

Iraq today signed a deal with a consortium led by Royal Dutch Shell and Malaysia’s state-run Petronas to develop one of its most prized oil fields.

Providence Resources has revealed a drop in revenue in its interim report and financial statement for the six months up to June 30, 2009.

PROVIDENCE Resources’ chief executive Tony O’Reilly Jnr has said he is confident in the exploration company’s share price belatedly gaining momentum in the wake of it finalising its move into the potentially lucrative gas storage and trading market.

Exploration company Providence (via its subsidiary Eirgas) has exercised its option to acquire a 40% stake in a group of assets centred on the Kinsale Head gas field from Labuan Energy, a subsidiary of Petronas.

Iraq opened up some of its massive oil and gas fields to foreign firms today, kicking off a landmark licensing round it hopes will help fuel its post-war reconstruction efforts.

PROVIDENCE Resources chief executive Tony O’Reilly Jnr has told shareholders that the company has the capability to become debt free within the next three years.

PROVIDENCE Resources is set to enter the lucrative gas storage and trading market and double its daily oil production levels after winning an option to buy a significant share in part of the former Irish assets of international exploration company, Marathon Oil.

Gas company Eirgas is to buy 40% of the Kinsale Head gas field in Co Cork, it has been announced.

The US-headquartered energy company Marathon Oil today announced the sale of its Irish subsidiary, Marathon Oil Ireland Limited (MOIL) to PSE Ireland Limited, a subsidiary of Petroliam Nasional Berhad (Petronas).

Richard Branson concedes to being a “Virgin bride” preparing for what he hopes will be a long-term marriage with Brawn GP and Formula One.

Gas exploration firm BG Group turned up the heat on Australia’s Origin today by announcing plans to make an improved £6.7bn (€8.4bn) offer direct to shareholders.

BG Group expressed its surprise today after one of Australia’s biggest energy firms broke off discussions over a £6.6bn (€8.4bn) takeover.

BMW-Sauber have agreed a lucrative extension to their sponsorship deal with Petronas.

Felipe Massa is targeting a points finish after setting the pace in second practice for the Malaysian Grand Prix today.

Felipe Massa was the pace-setter in today’s second practice for the Malaysian Grand Prix at Sepang on his team’s adopted home ground.

Formula One team Sauber have scrapped plans to launch their 2005 car in Kuala Lumpur.

Formula One’s top independent team, Sauber, have confirmed they will again use Ferrari engines for 2005.

TULLOW OIL made pre-tax profits of €33.1m (£22.6m) in the first half of this year, up more than 50% on the same period last year.

TULLOW OIL is preparing a $500 million offer for Energy Africa company, a move that will double the size of the Irish firm.

Formula One boss Peter Sauber is convinced his team can force their way back up the grid this season after he finally snapped up one of the world’s top drivers.

Giancarlo Fisichella’s dream of driving for Ferrari could move a step closer next season if he is handed the chance to test for the team.

French investigators were arriving in Yemen today after a supertanker was gutted by an explosion and fire in a possible terrorist attack.

Carl Fogarty has been forced to put back the debut of his new race team to July to meet rules of the World Superbike Championship.