The Minister for Natural Resources Conor Lenihan has today welcomed a report from the Irish Offshore Operators’ Association which emphasises the potential of Ireland’s offshore Gas and Oil resources. Commenting on the report, Minister Lenihan said “I am pleased to have the support of the offshore operators industry in my efforts to promote Ireland as an attractive destination for oil and gas exploration. The report is particularly timely following my visit to Singapore last week, where I showcased Ireland’s oil and gas exploration potential to a large global audience at the Oil & Gas Investment Asia conference”.
Whilst in Asia the Minister took the opportunity to brief senior executives from the largest Asian oil companies about the prospects in the Irish offshore where he delivered a strong message that as well as our offshore having lots of exploration potential, Ireland is a politically stable economy, with a competitive tax regime, in which their business will flourish.
“Since becoming Minister for Natural Resources last year I have made it a priority to actively promote this area of my portfolio. I have engaged constructively with the industry to improve and streamline the regulatory and administrative environment for oil and gas exploration, a fact which is acknowledged in the report”.
“This pro-active approach is also reflected in the 2011 Atlantic Margin Licensing Round which I launched earlier this year. This innovative round will be Ireland’s largest to date, covering an area of just over a quarter of a million square kilometres including a number of large sedimentary basins with proven petroleum prospectivity.”
Minister Lenihan also noted the extensive research that has taken place as part of the new exploration regime, involving collaboration between researchers in Ireland and Canada alike, saying “I opened an important research conference for the petroleum industry on Tuesday and during my speech I emphasised the importance of in-depth, comprehensive research if we are to attract exploration companies to Ireland. Potential investors need to be aware of any geological challenges or indeed opportunities that may exist, before they consider drilling in deep water conditions.”
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