Displaying items by tag: Tony O'Reilly

12th November 2010

Potential Oil-Field off Dalkey

In an update issued last week by Providence Resources, it was revealed that its exploration well located 10-miles off the exclusive Dublin Bay suburb of Dalkey has a presence of potential direct hydrocarbons, according to a report in The Sunday Times.

"It's another evaluation process which is positive, an encouraging tick in the box. But ultimately it's only exploration-it has to be drilled", said Tony O'Reilly, CEO of Providence. "I'm hoping that'll be 2011, as part of our overall multi-basin programme in Ireland. We've a big programme of activity and the Dalkey Island (Prospect) will be part of that", he added.

The advantage of any potential oil find at the Dalkey Prospect is that the block well is in shallow waters up to 25-metres, compared to Providence deeper offshore projects of Dunquin and Spanish Point. Another factor in drilling off Dublin Bay is that operations are cheaper and safer. The naming of the exploration site after Dalkey, reflects the Kish Basin's relative geographical proximity to that particular stretch of coastline, marking the southern approaches to Dublin Port.

The optimism expressed about the Kish Bank Basin exploration and other fields must be put into context based on the previous track record of drilling around the Irish coast. The Irish Offshore Operators'Association (IOAA) has pointed out that the exploration industry has spent some €3 billion on around 130 drill-well testing sites since 1970, to little effect. The cost of a well operation off the west coast is over €50m and with such high investment, only up to two wells are carried out annually. Of the commercially viable wells, just four-fields have been exploited, but all are gas-based.

The IOAA says that there is potential but there needs to be more exploration activity. In 2009, only two bids for exploration licences were made, compared to 350 offers sought in UK waters. The association blames the lack of exploration due to delays experienced at the Corrib field, an absence of infrastructural development and expensive operating costs.

The association says the rewards are great, citing the Department of Energy's estimate of recoverable reserves of 10 billion barrels of oil. At that amount, the figure is 100 times the state's annual energy consumption of both oil and gas.

Published in Coastal Notes

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Tony O'Reilly to drill Dublin Bay for oil?

A company controlled by Irish tycoon Tony O'Reilly has identified Dublin Bay as a major oil prospect. The 'Dalkey Island' prospect, a resource under the Kish Bank, could yield up to 870 million barrels, worth approximately $74billion. The resource is just 10kms off the east coast of Ireland, in shallow water on the Kish Bank.

“We are delighted to confirm that our ongoing analysis of the Kish Bank Basin has revealed the presence of a large untested structure that warrants further investigation," said O'Reilly.

"The Dalkey Island exploration prospect presents the potential for a large oil accumulation in shallow water off the east coast of Ireland. The partners have agreed on a focused work programme aimed at further de-risking this prospect, prior to any drilling programme."

The company, a partner of Malaysian Petrol outfit Petronas, has also identified the bank as a prospect for carbon sequestration storage, with a capacity of up to 270 million tonnes of gas.

A link to the full release is here. (pdf download)

Published in Marine Warning

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Offshore wind

ESB know the importance of offshore wind in tackling climate change and delivering net zero. Ireland has a unique capability given its prime location to take advantage of the potential of offshore wind. ESB are working hard to develop offshore wind projects for the benefit of everyone across society in Ireland and the UK. This includes ongoing engagement with marine users and local communities so ESB can deliver these significant projects.

Offshore wind will play a major role globally in our fight against climate change. It will help to replace energy generated by burning fossil fuels with that from a clean, safe and secure renewable energy source. Ireland’s geographic location on the exposed edge of the Atlantic presents us with a significant opportunity to generate electricity from wind – both offshore and onshore.

Power from onshore wind farms currently provide over one-third of Ireland’s electricity needs. But, whilst its marine area is many times the size of its landmass, Ireland’s offshore wind potential is only starting to be realised. ESB have a coastline stretching over 3,000km but only one operational offshore wind farm – Arklow Bank, with a capacity of 25 MW. In contrast, Belgium’s coastline is only 63km long, but it has already developed more than 2,000 MW of offshore wind. In Great Britain, with a coastline four times the length of ours, offshore wind generation now equates to over 440 Arklow Banks, with an installed capacity of 11,0000 MW as of late 2021.

The Irish Government's target to install 5,000 MW of offshore wind capacity in our maritime area by 2030 is set out in the Climate Action Plan 2021. It also has the objective to source 80% of Ireland’s electricity needs from renewables by the same year. In line with this, ESB is applying its professional and proven engineering expertise to the challenges set within the Climate Action Plan.

ESB are committed to playing a strong role in developing Ireland’s offshore wind potential for the benefit of the people of Ireland. This will be done in consultation with marine users and local communities, and with due care for the marine environment.