Offshore Exploration

Dáil Éireann Debate, Tuesday - 11 March 2014

Tuesday, 11 March 2014

Questions (303)

Robert Dowds

Question:

303. Deputy Robert Dowds asked the Minister for Communications, Energy and Natural Resources the amount it costs on average for an oil-gas exploratory drill. [11689/14]

Written answers

Minister of State at the Department of Communications, Energy and Natural Resources

The cost of drilling an offshore exploration well is determined by a number of factors including the market rate for drilling rigs, duration of the well programme, water depth and remoteness of location. Exploring offshore the west coast of Ireland is expensive relative to other petroleum producing areas due of its remoteness and deep water depths. For example, in the Atlantic Margin water depths are 7-8 times greater than that of the North Sea. This is reflected in the cost of drilling a single deep-water well in the Atlantic, which can be expected to cost in excess of €100m.