The Ireland Porcupine Basin offers deepwater frontier exploration opportunities with attractive fiscal terms. Results from the 2015 Atlantic Margin Oil and Gas Exploration Licensing Round were positive. A total of 23 Licensing Options were offered in the basin, marking an excellent result for the Irish upstream sector. Companies are looking to continue the success seen in other plays of the Atlantic Margin; most recently in Senegal and Canada’s Flemish Pass. Both of these have prospective resources of over 800 million boe as recent exploration has de-risked the deep water plays. To date, the only discoveries in the basin have been made on the Mesozoic Shelf play in the north of the basin in water depths of around 400 metres. We have not included these discoveries in our outlook analysis.