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