asked the Minister for Industry and Energy the prospects there are for a commercial oil find in Irish waters or off the Irish coast; and the current estimates of any finds in terms of possible value.
Written Answers. - Oil Finds.
302.
I would think that, given the encouraging results over the past few drilling seasons, the level of interest within the exploration industry at present in the Irish offshore and the number of wells I would expect to see drilled over the next few years, the general prospects for a commercial oil find offshore Ireland are quite good.
At present the most immediate prospect for a commercial discovery would appear to be in the Porcupine Basin off our west coast where significant flows of oil have been tested over the past four drilling seasons. However, further drilling will be necessary to determine whether an accumulation large enough to support commercial production is present in the basin.
Until a detailed exploration and appraisal drilling programme has been completed it is not possible to make a meaningful estimate of the value of any find as this will depend on the size of the discovery, its location, the production system used, the price of oil and the economic situation prevailing at the time. However, any commercial discovery would obviously have the potential to be of very significant benefit to the economy.