Dublin, Tuesday 25th January 2005
The Minister for Communications, Marine and Natural Resources has announced details of the new Licensing Round in the Slyne, Erris and Donegal basins as the second phase of a policy to successively open areas with exploration potential. This announcement is also aimed at sending clear and early signals to the industry as to future exploration rounds.
The hydrocarbon potential of the area has been illustrated by the Corrib gas field, which is currently undergoing development. This constitutes a new opportunity for exploration in an area that remains under-explored. The infrastructure of the Corrib Field could significantly reduce the development cost of any further commercial discoveries in the vicinity.
The acreage on offer will cover unlicensed blocks in an area of approximately 25,000 square kilometres. The area has been classified as Frontier acreage because of the challenging environment off Ireland’s northwest coast. Successful applicants will be offered Frontier Exploration Licences which have a duration of 15 years. Applications for Frontier Exploration Licences covering blocks in the Round must be lodged with the Department of Communications, Marine and Natural Resources by 15 March 2006. Until that date, the Minister will not issue any Exploration Licence nor grant any Licensing Option in respect of any of the blocks in this Round.
The Minister confirmed that authorisation holders awarded licences in the Slyne/Erris/Donegal Round would participate in the joint PAD/Industry ‘Petroleum Infrastructure Programme’ (PIP) through the Petroleum E&P Promotion and Support (PEPPS) sub-programme.
The Licensing Terms for Offshore Oil and Gas Exploration and Development, 1992 will apply to licences granted under the Round.
Further details on the Licensing Round will be announced at the end of March 2005.
Ends.
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