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€1.5bn to be spent on Irish oil and gas finds in next three years

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Screen Shot 2014-02-10 at 16.29.29Extract from an Irish Times article by Ciaran Hancock published Mon 16 June 2014

About €1.5 billion will be spent on oil and gas exploration around Ireland over the next three years, according to a study by accounting group PwC. Eighty per cent of those surveyed said they were optimistic about the chances of discovering oil here but almost two-thirds said the future development of the industry would depend on the licensing and financial terms offered by the Government. Nine out of 10 respondents said the “events” in Corrib, where Shell has been seeking to develop a natural gas field since 1996 against a backdrop of significant local opposition, had done “serious or significant damage” to Ireland’s reputation among international oil and gas companies.

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