Hunt for $1 trillion worth of Irish oil to begin

THE largest concerted oil and gas drilling campaign ever carried out off the coast of Ireland will begin this summer in search of reserves which a government study has suggested could be worth as much as $1 trillion at current prices.

A combination of higher oil and gas prices, hugely improved survey and drilling techniques and the introduction in Britain of a North Sea oil tax has renewed interest in Ireland as an exploration site for domestic and foreign investors.

The prospect of commercial finds have been described by industry watchers as the brightest for decades.