Independent oil and gas explorer Faroe Petroleum have been awarded three new licensing options in the Celtic Sea.
The award was confirmed by the Irish Minister for Communication, Energy and Natural Resources, Alex White.
The two-year licensing options are located on the southern margin of the North Celtic Sea basin, in shallow water depths of between 80 and 110 metres.
The work will target the under-explored Triassic Play where initial interpretation of existing 2D seismic data has revealed the presence of a number of large structural traps.
These are areas where some part of the earth has moved in the past, creating the opportunity for oil to flow.
The licensing options cover an area of 3,458km2 and are all situated within 75km of the south coast of Ireland.
Graham Stewart, chief executive of Faroe Petroleum, said: “We are pleased to have won these Licensing Options offshore Ireland, where we see attractive optionality.
“We now have the opportunity at low cost to screen potentially significant exploration targets using our knowledge and experience in seismic reprocessing and interpretation.
“This Triassic play differs from the traditional targets in the Celtic Sea and offers significant upside potential.
“Faroe has had considerable exploration success and aims to transfer these skills and knowledge to the Celtic Sea area of Ireland.
“We very much look forward to working with the Irish Authorities as we execute the work programme over the next two years.”
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