Strategy

Our strategy has been to secure high potential ground/projects in new and existing oil and gas provinces. This is why we entered Iraq and subsequently Ghana. 

Our geological knowledge and data of Ireland has always told us that offshore Ireland was prospective; the question was risk versus reward. Higher oil prices and new technology has improved opportunities offshore Ireland, making it the right time to re-enter the arena. 

Since Petrel undertook its first 2 Licencing Options in 2011, there has been a surge in oil major interest in the Irish Atlantic's Porcupine Basin - where Petrel has focused.  The motivation is similarity with the geology of "Cretaceous type plays" in analogous Atlantic Margins offshore West Africa.

The success of the 2015 Licencing Bid Round (in which Petrel was awarded LO 16/24 and LO 16/25) was largely due to the similarity to the success of eastern Canada's "Jurassic Plays" - which are believed to be of similar age to the Jurassic rocks in the irish Atlantic southern Porcupine Basin.

THIS PAGE WAS LAST UPDATED ON 12 MARCH 2018

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