#OIL - Fastnet Oil & Gas will spend more than €20 million on the Celtic Sea's biggest ever seismic study, the Irish Independent reports.

The company was recently awarded two blocks in the waters south of Ireland which were drilled in the 1980s and subsequently abandoned.

But new techniques in the oil industry are allowing previously unviable resources to be extracted - as Petrel Resources are planning to do off the Kerry coast, following the discovery of enormous oil reserves in the Porcupine Basin.

And the Celtic Sea in particular has already attracted attention after Providence Resources announced its discovery of oil reserves at its Barryroe prospect potentially worth billions of euros.

Fastnet Oil, chaired by Cathal Friel, is currently in discussions with major oil groups with a view to sharing the costs of the seismic survey.

#KERRY OIL - Oil exploration firm Petrel Resources has announced it has found as much as one billion barrels of oil off the coast of Co Kerry.

The Irish Independent reports on the findings by the Dublin-based company which show enormous reserves of oil in the Porcupine Basin off the south-west coast.

As previously reported on Afloat.ie, the company said in September that it has identified a number of targets across the more than 1,400 sq km area of the Atlantic Ocean west of Dursey Island.

Technical studies conducted then on blocks in the northern and eastern parts of the basin for reservoir sands were described as "encouraging".

Now Petrel says that computer analysis shows several oil fields stacked in layers that could be tapped by a smaller number of oil wells.

The distance from shore - approximately 200km - plus the location of the oil reserves beneath 1km of water and a further 3km of rock present some difficulties, but new techniques in the oil industry are allowing previously undrillable resources to be extracted.

Petrel Resources is seeking a partner to invest in drilling for oil, and is preparing its application to the Government for a licence.

The Irish Independent has more on the story HERE.

#COASTAL NOTES - Oil exploration company Petrel Resources has identified a number of new targets off the southwest coast of Ireland as it seeks bigger partners for its venture.

The Irish Times reports that the Dublin-based firm was awarded licensing options over 1,400 sq km of the Porcupine Basin or Porcupine Blight in the Atlantic Ocean, west of Dursey Island in Co Kerry.

It has since completed two phases of work in the area, and says technical studies of its blocks in the northern and eastern parts of the basin, where is is testing for the presence of reservoir sands, were "encouraging".

The announcement comes following the success of Providence Resources' prospect in the Celtic Sea off the south coast.

As previously reported on Afloat.ie, the Barryroe field may deliver in excess of 2 billion barrels of oil, a flow expected to be worth billions of euro to the Irish economy in future years.

The Irish Times has more on the story HERE.