Porcupine basin spikes fresh interest offshore Ireland ///
The chairman of the Irish Offshore Operators’ Association (IOOA), Fergus Cahill, recently defended the relatively generous fiscal terms on offer to offshore explorers in Ireland, partly on the grounds that companies needed incentives to drill in a sector that, for all its touted potential, has a low success rate.
The mega-find that has been sought in parts of Atlantic acreage to the west of Ireland remains elusive. Cahill estimates that the commercial success rate for exploratory wells in Ireland is about one in 25, compared to around one in five in Norway. While around 200 wells have been drilled in Ireland over recent decades, only two relatively small commercial discoveries have been made—the Kinsale Head and Corrib gas fields—holding about 2.5 Tcf of gas reserves between them.
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