Just like Cyprus, Ireland is strongly suspected to have huge oil and  gas reserves off the Irish coast. In fact many test wells confirmed such was the case but have been capped for a later date. A quick look at Providence Resources web pages confirm that discoveries as far back as 1981 have been capped for a later date:

The discovery well (35/8-2) was drilled by a consortium led by Phillips Petroleum (and included Atlantic Resources, the predecessor company to Providence) in 1981 and flowed c. 1,000 BOPD and c. 5 MMSCFGD from one of four logged payzones of Upper Jurassic age. Post-drill analysis by Phillips suggested that while the discovery could contain resources of up to 1.1 TSCFG and 112 MMBO, it was deemed uneconomic due to a combination of low commodity prices, high production costs and lack of gas infrastructure in Ireland at the time. Providence commissioned a series of independent reports which suggested that the field contains estimated contingent resources (2C) of 1.4 TSCFG and 160 MMBO with significant upside potential both within the field and in adjacent prospects.

Now Exxon is looking to exploit further its Dunquin field as reported in the Irish Independent.

Oil giant ExxonMobil kicks off a $160m-plus (€125m) drilling programme off the west coast of Ireland this weekend with hopes that confirmation of major fossil fuel reserves will transform the country’s economy.

The US company is planning to drill test wells over a four-month period at two prospects at the Dunquin licence area in the Porcupine Basin, 200km off shore.

Previous data has suggested that there could be over 300 million barrels of oil and 8.5 trillion cubic feet of gas between the two Dunquin prospects.

If they could be proven and then extracted, such finds would mark one of the biggest ever global discoveries of oil and gas and be a game-changer for Ireland’s economic fortunes.

Interestingly TPTB and the lamestream media like to spin it that its a long shot, as follows :

But despite the 200 or so wells drilled off Ireland’s shores in the past number of decades, only two have resulted in commercial fields – Kinsale and Corrib.

but the 1981 Spanish Point discovery does confirm that a lot of wells are being sat on until its commercially viable. It makes sense for the large oil companies to exploit the easy finds first or indeed to carve up deals to get access to other countries as spoils of war.

Also the Department of Communications, Energy and Resources estimates that a total reserve potential of over 10 billion barrels of oil equivalent (bboe) of the west coast of Ireland. The Corrib field alone is worth €9.5 billion. This does not even take into account the areas in the South, East or the disputed Rockall in the North which are long known to hold oil. SIPTU created a very interesting report as to Ireland’s potential.

Many other oil companies will be watching.

Located at a point in the Atlantic where the ocean is 1.6km deep, ExxonMobil’s drilling programme is being eagerly watched by oil companies from abroad and Ireland, including Petrel Resources, which has an exploration block just 35km away from the Dunquin prospect.

ExxonMobil controls 27.5pc of the Dunquin prospect, with Italian firm Eni holding another 27.5pc.

Spanish energy firm Repsol owns 25pc and UK-based Sosina has a 4pc interest. Irish exploration firm Providence Resources has a 16pc interest in the prospect. A major oil or gas find could catapult its shares higher.

The Dunquin prospect – where the reserves are as deep as 3.6km under the seabed – is one of the most important exploration areas for Providence, which is headed by Tony O’Reilly Jnr.

Providence is also betting that it could have a major oil find on its hands at a site called Barryroe, which is close to the Kinsale field. The company reckons that there could be 280 million barrels of recoverable oil at the Barryroe prospect.

ExxonMobil has spent $20m to bring the exploration rig from west Africa to Ireland’s waters. The rig is owned by Norwegian group Ocean Rig. ExxonMobil will spend over $1m a day on the drilling activities, which are expected to last between 90 and 120 days.

The Department of Transport has already issued a warning to shipping in the area. It says that the semi-submersible rig, called the Eirik Raude, will be supported by supply vessels operating out of the port of Cork.

A 500-metre exclusion zone will be enforced around the rig for the duration of the drilling.

“All vessels, particularly those engaged in fishing, are requested to give the Eirik Raude a wide berth and keep a sharp lookout in the relevant area,” said the department.

The port of Cork is also hoping that it could become an epicentre for Ireland’s oil-and-gas industry if offshore reserves are proven.

 

Ultimately to understand how corrupt Irish politicians have given the countries reserves away, basically for free, the following link explains all.

http://irishoilandgas.wordpress.com/2012/02/07/frontline2/

Source: Irish Independent

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