2009 Rockall Licensing Round closed for applications
Dublin, 23 April 2009
Minister for Communications, Energy and Natural Resources Eamon Ryan TD today announced the closure of the 2009 Rockall licensing round. Under the Round, oil and gas exploration companies were invited to apply for new Frontier Exploration Licences in the Rockall Basin.
The acreage on offer in the Rockall Basin off the west coast covers unlicensed blocks in an area of approximately 117,200 square kilometres.
As part of the 2009 round, applications were received from:
*A group comprising Providence Resources Plc (as operator) with OMV (Exploration) GMBH and Sosina Exploration Ltd as partners. All three are involved in a number of existing exploration licences.
*Serica Energy Ltd, a UK registered company with an interest in one existing Frontier Exploration Licence.
Minister Ryan welcomed the applications and acknowledged that “while exploration in remote deep water areas such as the Rockall Basin is difficult and costly, there is significant potential reward. The fact that companies already operating in the Irish offshore have sought additional acreage and are prepared to commit to investing further in exploration is a positive signal.
Should licences be granted under this Round, a tax rate of up to 40% would apply. This is very good news for the Exchequer.”
The applications will now be evaluated in accordance with the agreed criteria and a decision on whether or not to offer licences will be made shortly.