Ireland Gets More Serious on Luring Oil Investments

Ireland’s Head of the Energy Ministry, Pat Rabbitte, said the state plans to pull in more oil investments for its oil and gas drilling projects offshore. He said the industry success stories of neighboring countries, including those of Norway and Scotland, inspire Ireland to take the same route.

Rabitte believes that implementing extensive oil drilling is the best way to tap into the country’s vast energy resources. He disclosed that the state recognizes this and aims to lure more entities to invest in drilling for oil and gas along the Irish coastline, which has long been estimated to hold massive reserves of these resources.

He said that investor interest in Ireland’s oil and gas resources have blossomed anew, resulting to more business opportunities for its constituents.

According to Rabitte, past and recent events, such as the oil block auctions held two years ago and the recently concluded seismic surveys in Dunquin, an oil-rich region estimated to hold more than 300 million oil barrels.  He added that these encouraging outcomes have brought vigor to the Irish oil and gas sector.

He stated that Norway and Scotland’s oil exports have grown and that both countries are now positioning themselves in the global arena.  This growth happened because of the two countries’ strong commitment to step up oil and gas drilling in their respective regions. While Ireland is moving towards replicating its neighbors’ successes, the energy minister admits it will take some time before his country could parallel what their two neighbors have attained so far.

Ireland is announcing that it is taking a more active stance as regards oil exploration. It doesn’t want to elicit grand expectations at the moment although the desire to produce huge volumes of oil and gas through extensive drilling should remain strong as ever, he said.  Rabitte continued by lauding the successful oil and gas discoveries in Stavanger and Aberdeen regions situated in Norway and Scotland, respectively.

Meanwhile, ExxonMobil continues to conduct oil exploration in Ireland’s Dunquin oil block.  It started drilling about two months ago and will continue to do so in the succeeding months. The American multinational intends to develop a gas condensate field in the area.