Fastnet Oil & Gas has become the first Irish casualty of the sub-$50 oil price environment; opting to exit the sector in favour of investing in the healthcare/ biopharmaceutical industry.

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.

Dublin-based exploration firm Fastnet Oil and Gas is open to partaking in merger and acquisition activity, as part of the wave of consolidation expected to materialise in the international oil and gas sector in the next few years.