Ireland's 2015 Atlantic Margin licensing round attracts Major interest
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.
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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