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.

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

BP has been given its first-ever oil exploration permits off the Australian coast, but the government warned today that the London-based energy giant will have to demonstrate higher safety standards than it had applied in the Gulf of Mexico oil disaster before it is allowed to drill.