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Ireland's 2015 Atlantic Margin licensing round attracts Major interest


Ireland's 2015 Atlantic Margin licensing round attracts Major interest

Report summary

The 2015 Atlantic Margin  licensing round saw the largest number of awards in any Irish round to date. A total of 28 licences were awarded to 17 companies, including four Majors. The results are an endorsement of the potential of the frontier Irish Atlantic Margin, particularly the prospective Porcupine basin, in a region with attractive fiscal terms.  Seismic acquisition has already commenced but drilling does not have to take place on the new acreage before 2021. While success seen elsewhere on the Atlantic Margin is promising, Ireland now needs proven commercial discoveries. The Irish operating environment comes with its challenges, such as a lack of transport infrastructure and high deepwater drilling costs. The round has been successful given the challenging external environment however, it will be drilling results that ultimately determine the success of the round.

What's included?

This report includes 2 file(s)

  • Ireland's 2015 Atlantic Margin licensing round attracts Major interest PDF - 1.68 MB 11 Pages, 4 Tables, 6 Figures
  • 2015 Atlantic Margin Licensing Round awards.xls XLS - 58.50 KB

Description

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  • A successful outcome for Ireland but drilling not guaranteed
  • Final results of the 2015 Atlantic Margin round
  • What's next? The Majors are commencing seismic acquisition as smaller companies seek farm-in partners
  • What is the potential?
    • Interest is driven by success in Atlantic conjugate margins
  • Awardees can bring Atlantic conjugate margin experience to Ireland
  • Economic Analysis – would a future discovery be commercial?
    • Update on fiscal regime
      • Model Field Sensitivity Analysis
      • Scenario: Porcupine Basin - Cretaceous Tertiary Deepwater 500 mmbbl
      • A successful outcome but drilling and discoveries are required for a step change
        • Appendix
        • Price assumptions

In this report there are 10 tables or charts, including:

  • A successful outcome for Ireland but drilling not guaranteed
  • Final results of the 2015 Atlantic Margin round
    • Key 2015 Atlantic Margin Round award facts
    • Map of acreage awarded in the round by phase and operator
  • What's next? The Majors are commencing seismic acquisition as smaller companies seek farm-in partners
    • Licensing and exploration timeline
  • What is the potential?
    • Notable existing discoveries yet to be developed
  • Awardees can bring Atlantic conjugate margin experience to Ireland
    • Major operators in Ireland have acreage elsewhere on the Atlantic Margin
  • Economic Analysis – would a future discovery be commercial?
    • R Factor Table
    • Fiscal Comparison
    • Sensitivities Cretaceous Tertiary (500 mmbbl)
    • Ireland's 2015 Atlantic Margin licensing round attracts Major interest: Image 6
    • Model field development assumptions
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