Business Irish

Monday 14 October 2019

Irish oil and gas exploration company say decision to phase out offshore searches won't affect current licences

Providence Resources’ Barryroe operation, 50km off the coast of Cork
Providence Resources’ Barryroe operation, 50km off the coast of Cork
Providence CEO Tony O’Reilly
Donal O'Donovan

Donal O'Donovan

Irish oil and gas exploration company Providence Resources said a decision to phase out the search for off shore oil will not affect its existing licences. In a speech at the United Nations Taoiseach Leo Varadkar said Ireland will move to end oil and gas exploration in Irish waters, beginning with oil.

Stock market listed Providence Resources said it believes the phasing out only relates to future oil licences and presumes that existing options, licences and leases already in place will be allowed to progress for their full duration.

The company said it will seek clarification of the situation through the offices of the Irish Offshore Operators’ Association (IOOA), a representative body for the industry.

 IOOA said it “look(s) forward to receiving the exact detail of the proposed implementation” of the policy and will seek a meeting with Government in relation to the matter in the coming weeks.

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