In Dublin this morning, Minister for Natural Resources Conor Lenihan opened an important research conference for the petroleum industry. The Atlantic Ireland 2010 conference brings together researchers and industry alike, to examine the opportunities for oil and gas exploration in the Irish Atlantic.

In his opening address, the Minister outlined to industry representatives the extensive research that has taken place as part of the new exploration regime, involving collaboration between researchers in Ireland and Canada alike.

Earlier this year, he announced his intention to open all basins in the Irish Atlantic margin with proven petroleum prospectivity for petroleum prospecting in the 2011 Atlantic Licensing Round. The Round will close for applications at the end of May 2011.

He said, "This Round is Ireland's largest licensing round to date, covering an area of just over a quarter of a million square kilometres

In-depth, comprehensive research is essential if we are to attract exploration companies to Ireland. Potential investors need to be aware of any geological challenges or indeed opportunities that may exist, before they consider drilling in deep water conditions.

It is because of this research that we know for example, there are a number of large sedimentary basins with proven petroleum prospectivity within the Atlantic margin. This is the kind of work that will be crucial as we seek to exploit our vast ocean resources in the years ahead.

The timing for this important gathering of national and international oil company executives here in Dublin is opportune. It comes immediately after my visit to Singapore last week where I was able to place centre-stage Ireland's offshore exploration potential. There I drove home the message to a large global audience that Ireland's offshore is open for business."

It is hoped that the Conference will further develop new and existing links between Irish universities and international oil companies – Irish researchers provide project mentorship for some of the companies seeking to invest in Irish waters. These relationships will be an important part of attracting investors in the new Licensing Round

Minister for Natural Resources, Conor Lenihan will next week front a major promotion of Ireland's oil and gas exploration potential to a large global audience. Minister Lenihan will showcase new exploration opportunities in Irish waters – the 2011 Atlantic Margin Licensing Round – at a major international petroleum conference in Singapore.

Ireland's offshore exploration potential will take centre stage at the Oil and Gas Investment Asia conference where Minister Lenihan will deliver a keynote speech, in which he will declare Ireland's offshore open for business.

Speaking prior to this departure for Singapore, Minister Lenihan remarked

"this conference and associated meetings and briefings represent an excellent opportunity to promote Ireland's offshore as a world class exploration destination.

Although we already have two large Asian exploration companies active in Ireland's offshore, we can not expect Asian companies to be fully aware of Ireland's potential.

I will deliver a strong message that as well as our offshore having lots of exploration potential, Ireland is a politically stable economy, with a competitive tax regime, in which their business will be welcome and encouraged to flourish."

Across the three day event Minister Lenihan and his officials will brief senior executives from the largest Asian oil companies about prospects in the Irish offshore. These include Petronas and STX as well as the National Oil corporations of Singapore, the Philippines and Korea. The Minister's itinerary will also include Enterprise Ireland meetings connected with Minister Lenihan's brief as Minister for Science, Technology and Innovation.

Minister Lenihan will particularly stress the opportunities presented by Ireland's latest offshore licensing round – the 2011 Atlantic Margin Licensing Round.

"This round will be Ireland's largest licensing round to date, covering an area of just over a quarter of a million square kilometres" he said.

"It's exciting because we know that within this Atlantic Margin area there are a number of large sedimentary basins with proven petroleum prospectivity. The fact that there are currently 27 companies involved in the offshore petroleum industry in Ireland, including many international companies and some of the world's majors is positive, but Ireland needs to attract a higher level of exploration investment if the petroleum potential of our offshore territory is to be realised. The objective of the 2011 Licensing Round is to attract a greater share of mobile international exploration investment to Ireland.

Now is the time to deliver this message on the world stage – we will do so next week in Singapore," he concluded.