Exploiting our own energy sources

Donal Hickey reports on Ireland’s Atlantic oil basins.

THE soaring cost of oil is again prompting the Government and prospecting companies to look to the west coast where up to 10 billion barrels of oil are lying under the seabed, according to scientific studies. With the cost of oil currently around $140 per barrel, the value of that untapped “black gold” could be heading towards $1.5 billion.

Given that we import 85% of all our oil and gas, it makes sense we should exploit our own resources. Before getting too carried away, however, it’s as well to point out many exploration companies have tended, in the past, to shy away from drilling the Atlantic.