BP executive: Ireland’s oil potential is intriguing

Ireland’s oil potential may "hold some intrigue" but exploration carries "real risk", according to a BP executive.

While many believe waters off Ireland could prove lucrative, Bernard Looney, chief operating officer in production at the energy giant, which carried out 17 explorations in Ireland in the 1980s said the size, depth, and hostility of the areas makes it “exceptionally challenging”.

During a discussion about whether Ireland’s oil and gas potential is over-hyped or under-sold, Mr Looney said it was “a question of whether the rewards justify the risks”.