IRISH exploration company, Island Oil & Gas said yesterday its main focus this year will be on developing its assets in Holland — the Amstel Oil Field — and off the Irish coast at Schull and the Old Head of Kinsale.

INTERNATIONAL companies given licences this month to explore potentially lucrative sections of Irish water for oil and gas will each have to pay less than €10,000 a year for the privilege.

The Minister for the Marine and Natural Resources Noel Dempsey has granted licences to a number of oil companies to explore the Slyne, Ennis and Donegal basins.