Insight
Ireland's 2015 Atlantic Margin licensing round attracts Major interest
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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.
Table of contents
- 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
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What is the potential?
- Interest is driven by success in Atlantic conjugate margins
- Awardees can bring Atlantic conjugate margin experience to Ireland
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Economic Analysis – would a future discovery be commercial?
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Update on fiscal regime
- Model Field Sensitivity Analysis
- Scenario: Porcupine Basin - Cretaceous Tertiary Deepwater 500 mmbbl
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A successful outcome but drilling and discoveries are required for a step change
- Appendix
- Price assumptions
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Update on fiscal regime
Tables and charts
This report includes the following images and tables:
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Key 2015 Atlantic Margin Round award factsMap of acreage awarded in the round by phase and operatorLicensing and exploration timeline
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Major operators in Ireland have acreage elsewhere on the Atlantic MarginNotable existing discoveries yet to be developedR Factor TableFiscal ComparisonSensitivities Cretaceous Tertiary (500 mmbbl)Ireland's 2015 Atlantic Margin licensing round attracts Major interest: Image 6Model field development assumptions
What's included
This report contains:
