asked the Minister for Industry and Commerce (1) whether a concession for oil exploration has been granted to Ambassador Oil Corporation or Ambassador Oil, Limited, (2) the interconnection between the two companies, and (3) when oil exploration work will commence.
Ceisteanna—Questions. Oral Answers. - Concession for Oil Exploration.
21.
A Petroleum Exploration Licence under Section 8 of the Petroleum and Other Minerals Development Act, 1960 was granted to Ambassador Irish Oil Limited, a wholly owned subsidiary of Ambassador Oil Corporation of Fort Worth, Texas, U.S.A., on 29th March, 1960. The effect of the licence is to vest in the Company the exclusive right of searching for petroleum in this country during the period of 5 years from the date the licence was granted.
Exploration work is expected to commence at an early date. Under the Agreement concluded with the Company they are obliged to commence operations for the drilling of a well before the end of 2 years from the date the Agreement came into operation, namely, 19th March, 1960.