Australian oil and gas player Woodside has been given the go-ahead to take over operatorship of Petrel’s offshore blocks in the Porcupine basin and make its first major move into Ireland.
The move will pave the way for the companies to apply for an exploration licence and begin work on the prospects after the Irish Government approved Petrel’s transfer of an 85% interest in the licences to Woodside.
Petrel said last year it had modeled a huge prospect in the basin, which as many as 1billion barrels of oil on the site west of Ireland.
“Woodside’s arrival in the Porcupine Basin of the Irish Atlantic is an important development for Irish exploration,” said Petrel managing director David Horgan.
“Woodside, Australia’s largest gas exporter, has shown how to find, develop and market hydrocarbons safely, sensitively and profitably. They bring innovation and an open mind to the challenging but high potential Irish Atlantic Margin.”
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