Displaying items by tag: oil
Offshore reports that Dolphin Drilling has negotiated the contract to appraise the Spanish Point prospect in the Porcupine Basin on behalf of Capricorn Ireland, subject to regulatory approval.
It will also drill early next year in British waters for MPX North Sea, with both contracts expected to last five months for a total revenue of €67 million.
The Porcupine Basin off Kerry has been identified as a source of enormous reserves of oil - after Petrel Resources announced the discovery of as much as one billion barrels of oil at the prospect late last year.
#DeepKinsale - Fastnet Oil & Gas believes that its Deep Kinsale Prospect in the Celtic Sea could hold an incredible bounty of more than two billion barrels of oil.
Fastnet executed its exclusive option on the prospect earlier this year, and recently completed a 3D seismic survey of the area, the data from which will enable the company to identify oil reservoir 'sweet spots' for the best drilling results.
“Deep Kinsale is a large anticlinal structure, which has the potential to contain a significant oil accumulation directly beneath the producing Kinsale gas field and the two platforms, in the Celtic Sea,” said John Craven, founding Fastnet shareholder.
“This new 3D seismic is a key de-risking component necessary for the planning of an optimal drilling campaign."
As previously reported on Afloat.ie, Fastnet Oil & Gas has been awarded a new licensing option elsewhere in the Celtic Sea in the area know as East Mizzen.
The East Mizzen option covers a number of blocks in the Mizzen Basin, plus the western end of the North Celtic Sea Option, covering a tittle area of 1,155 sq km and contiguous with the previously awarded Mizzen option.
The 18-month option requires the reprocessing of a minimum of 400km of existing 2D seismic data, which has indicated the presence of light oil in some areas.
Fastnet managing director Paul Griffiths commented: "We are delighted to have added to our inventory of material prospective structures in the Mizzen area ... This has allowed us to capitalise on the interest being shown by the industry in our farm-out process in this particularly under-explored, yet highly prospective, basin.
"It has also allowed us to maximise the value of our on-going 3D seismic acquisition by creating 'running room' for potential farminees that have identified the Mizzen Basin as a new emerging shallow water exploration province offshore Ireland."
Earlier this year, as reported on Afloat.ie, Fastnet executed its exclusive option agreement to farm into its nearby Deep Kinsale Prospect, with plans to drill the prospect in 2014.
#Oil - Fastnet Oil & Gas has executed its exclusive option agreement to farm into its Deep Kinsale Prospect beneath the Kinsale Head Gas Field.
The option agreement with Petronas subsidiary Kinsale Energy is confined to geological formations below 4,000 feet subsea. Fastnet will conduct a 3D seismic survey over 500 sq km in the Celtic Sea prospect by the end of the year as well as complete necessary geological and engineering studies.
The agreement also gives Fastnet an exclusive option to test the geologically similar Purbecko-Wealden reservoirs productive in Barryroe, a prospect that has proven a bounty for Providence Resources.
Fastnet chair Cathal Friel said: "We are delighted to have added an exclusive option to farm into and potentially drill the Deep Kinsale Prospect in 2014.
"It represents an attractive addition to our Irish portfolio as we have long held a belief that Deep Kinsale offers the potential to yield up another significant hydrocarbon discovery offshore Ireland. This belief has been further strengthened by the successful appraisal of Barryroe in 2012, which is geologically analogous to Deep Kinsale.
"We greatly look forward to working in close cooperation with our colleagues at Kinsale Energy, as we collectively seek to de-risk the prospect for drilling."
As previously reported on Afloat.ie, Fastnet Oil & Gas announced in December its plans to spend more than €20 million on the Celtic Sea's biggest ever seismic study on blocks off the south coast which were drilled in the 1980s and later abandoned.
New techniques in the oil industry are now allowing previously unviable resources to be extracted, as fellow prospectors Petrel Resources are planning to do off the Kerry coast.
#dalkey island – Providence are to procure a site survey vessel and drilling unit to drill at the Dalkey Island prospect following an announcement this morning that the Irish listed exploration company has been been awarded a foreshore licence.
As previously reported on afloat.ie in February Environment Minister Phil Hogan rejected a call by Tánaiste Eamon Gilmore and others for a public inquiry into Providence Resources foreshore licence application to survey the site 6 kilometres off the bay shoreline.
The licence for an area in the Kish bank basin allows the company to carry out a 2D seismic study, a well site survey and drill an exploration well on the prospect.
The Irish Times reports that Providence Resources has completed an evaluation of its Celtic Sea prospect which indicates that the Lower Wealden and Purbeckian areas could hold an "encouraging" yield of 778 million barrels.
The oil firm's tectnical director told the paper that the focus would remain on the Middle and Basal Wealden sands following its appraisal wells drilled over the spring and summer.
As previously reported on Afloat.ie, seismic data and results from six test wells on the Barryroe site led experts to estimate that the oil field contains as much as 1.6 billion barrels in total - four times as much as previous projections.
The oil flow is expected to be worth billions of euro to the Irish economy over a number of years.
The latest news "further reinforces the prospectivity of the area" according to Davy Stockbrokers, who added that "it also suggests that Barryroe will not be the only development of Purbeckian oil in the Celtic Sea".
The plan, which will be published in the summer, "will be a national agenda for developing our country’s marine potential, across tourism, shipping, leisure, fisheries and other sectors," said Joe McHugh TD.
The Dáil deputy noted "it is significant" that Taoiseach Enda Kenny and Minister for the Marine Simon Coveney are "dealing with this personally" as "previous Governments did not give this type of prioritisation to the industry".
He added: “I encourage Donegal marine stakeholders who see potential for national development in the fisheries industry, sea tourism, marine leisure, oil production, renewable energy production, deep sea fisheries and in various other areas to make submissions to the Integrated Marine Plan."
More information on the Integrated Marine Plan can be found at www.oceanwealth.ie.
#COASTAL NOTES - Providence Resources has struck big off the south coast of Cork with an oil flow that could be worth billions of euro to the beleaguered Irish economy.
According to the Guardian, the Dublin-based company announced yesterday that oil had started to flow successfully from its Barryroe structure in the north Celtic Sea at nearly twice the rate previously projected.
Providence Resources CEO Tony O'Reilly Jr said the discovery was a "seminal day for Ireland, especially in the runup to St Patrick's Day."
Last month the firm had confirmed the presence of light oil with its first appraisal well at the site, a situation described by its technical director as "extremely encouraging".
Now that a steady flow has been achieved, future extraction from the oil field - comparable to a medium-to-large North Sea field - can surely proceed, which now puts pressure on the Government to grand permission for further exploration around the Irish coast.
As previously reported on Afloat.ie, plans by Providence Rescources to prospect for oil on the east coast off Dalkey Island have been met with fierce opposition by mainland residents and environmental groups.
The Guardian has much more on the story HERE.
#COASTAL NOTES - Providence Resources has found light out with its first appraisal well off the south coast of Ireland, Offshore reports.
The company's semi-submersible GSF Arctic III drilled a well in 100m water to a depth of more than 2km on its Barryroe structure in the north Celtic Sea.
Indications of hydrocarbons were noted during the drilling, and further tests have confirmed the presence of 12.5m of 'net pay' (the thickness of rock that can deliver oil at a profitable rate) with as much as 87% hydrocarbon saturation.
The next stage will be a well flow test programme to determine whether future oil extraction can proceed.
“The confirmation of high quality light oil within a porous and potentially laterally extensive sandstone system is extremely encouraging," said technical director John O'Sullivan.
As previously reported on Afloat.ie, plans by Providence Rescources to prospect for oil pn the east coast off Dalkey Island have been met with fierce opposition by mainland residents and environmental groups.
Offshore has more on the story HERE.
#POWER FROM THE SEA - Irish oil and gas firm Providence Resources has been awarded a licence to explore near Dalkey Island, the Irish Independent reports.
The standard licence issued by the Department of Communications, Energy and Natural Resources lasts for up to six years, split into two three-year phases.
Providence hopes to drill at least one well during the initial phase in the Kish Bank Basin, where previous exploration drilling confirmed the presence of oil suitable for petroleum production.
The group is also applying for a foreshore licence for the purpose of well site surveys and drilling operations.
As previously reported on Afloat.ie, Providence Resources is one of the 12 companies that were awarded 13 Licensing Options between them in the 2011 Atlantic Margin Licensing Round.
The Irish Independent has more on the story HERE.