This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
Dublin: 3 °C Saturday 14 December, 2019
Advertisement

'Several hundred million barrels' of oil may lie in new Petrel site off Kerry

Petrel Resources says it is holding talks with prospective partners after a second site in the Porcupine Basin suggests oil.

File photo an oil well. Petrel's Quad 45 site is close to an Exxon Mobil site where preliminary drilling is due to begin shortly.
File photo an oil well. Petrel's Quad 45 site is close to an Exxon Mobil site where preliminary drilling is due to begin shortly.
Image: eyeidea via Shutterstock

AN EXPLORATION COMPANY with rights to explore an area off the west coast of Co Kerry claims the field has shown the potential to hold hundreds of millions of barrels worth of oil.

Petrel Resources says the site in ‘Quad 45′, about 100 kilometres to the west of Valentia Island, has “the capability to hold several hundred million barrels of in-place oil”.

The site was authorised for exploration in 2011, when 13 various sites in the Porcupine Basin off the west coast were offered for new ventures.

Petrel was offered two of those sites; the other site in ‘Quad 35′, about 120 kilometres west of the Dingle peninsula, showed the capability of hosting in excess of a billion barrels of oil.

Quad 45 lies about 35 kilometres northeast of an area in the Dunquin prospect, which is already the focus of a major prospective drilling operation from a consortium led by Exxon Mobil.

The Quad 45 plot licensed to Petrel is shown here in pink with a red mark around it.

Petrel said it had purchased additional seismic data of the area and has carried out further regional seismic mapping.

“We have long believed that the offshore Porcupine Basin is a hydrocarbon province,” Petrel managing director David Horgan said in a media release.

“This has been further supported by our recent work in identifying potential prospects on both of our blocks.

“We look forward to increased activities across the Basin which we believe has the potential to be a major new oil province. We have commenced our search for potential partners.”

Shares in Petrel rose by over 10 per cent in early trading in London this morning.

Read: Cork oil estimates trebled to over 1.6 billion

More: How much is the Barryroe oil find actually worth to us?

  • Share on Facebook
  • Email this article
  •  

About the author:

Gavan Reilly

Read next:

COMMENTS (126)