Waters directly underneath the 1,500m-deep Kinsale Gas Field, in the Celtic Sea, could contain nearly 2.4 billion barrels of oil, according to latest estimates.

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

Thai oil company PTT Exploration & Production yesterday extended for the third time the deadline for shareholders in London- and Dublin-based explorer Cove Energy to accept its $1.9bn (€1.5bn) takeover bid.

Coronation Street stalwart William Roache could be headed for the charts - after teaming up with Harry Hill to work on his album.

Petroceltic International has announced that its wholly owned Italian subsidiary, Petroceltic Elsa Srl, has been granted nine exclusive exploration permits in the central Adriatic offshore Italy.

PETROCELTIC INTERNATIONAL, the oil and gas explorer, has won approval for its Isarene permit in Algeria to enter the next two-year exploration phase and said initial results are “encouraging”.

IRISH exploration group Petroceltic benefited significantly from the sharp rise in gas prices over the past 12 months as its revenue from the Kinsale gas royalty more than doubled in 2005.

THE drilling of three oil wells off Irish shores will commence next year.