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Atlantic Margin acreage winners set out

Written by  Tuesday, 12 July 2016 02:40

The 28 license options awarded in two tranches in Ireland's 2015 Atlantic Margin licensing round have been set out in a newly released map of the acreage. 

In the first tranche, announced in February, ExxonMobil, BP, Statoil, and Eni were among the majors awarded license options, marking a significant shift for the basin, which has in the recent past been dominated by smaller players. Woodside and Nexen also picked up license options in the first tranche, which focused on the southern Porcupine Basin. Fourteen awards were offered to eight companies. 

The second tranche was more dominated by smaller players, with 14 licenses awarded to 11 companies, including Europa Oil & Gas, Cairn Energy, Petrel Resources and Providence Resources.

Europa CEO Hugh Mackay said: “The entry of majors and supermajors and the commitment to substantial work programs sends a clear signal to the global oil industry that Ireland’s Atlantic Margin is an exploration hotspot.  This is an enviable position given low oil prices and low levels of exploration activity elsewhere in the world. 

In total, there had been 43 applications for license options in the 2015 Atlantic Margin round.

To view the map, click here.  

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