Europa Oil & Gas has updated its estimates for potential gas resources near the existing Corrib gas field, located offshore Ireland.
The company sees the newly added acreage as a lower risk opportunity, Europa informed in a statement.
“Clearly we are at a very early stage in the exploration cycle, however, equally clearly we have a well-defined work programme to de-risk the play”, Europa Oil & Gas Chief Executive, Hugh Mackay, said.
Europa Ups Gas Estimates
Europa estimated approximately 1.5 trillion cubic feet of potential gas resources in the area near the Corrib field, which came online earlier this year.
Similarly to what has happened with its other acreage, the firm plans to bring in a partner to help take the venture forward.
Overall, the exploration acreage spans nearly 772.2 square miles of the Greater Corrib area of the Slyne basin, off the coast of county Mayo.
As a result, the finding is located near existing infrastructure and in shallower water than other areas auctioned off during the latest licensing round.
Ireland Could Hold High Potential Resources
The next phase of work is expected to see the reprocessing of 3D seismic data, the company informed.
According to Europa’s CEO, this is expected to help de-risk exploration targets so that they can achieve “drillable status”.
“Not everything offshore west Ireland is high risk, deep water, frontier exploration,” he said.
“LOs 16/20 and 16/21 are in the greater Corrib area of the Slyne Basin and represent exploration in a proven play, in the vicinity of a gas field that is newly on production and with substantial gas infrastructure already in place,” he added.
Corrib finally started production in the beginning of this year, after a series of hurdles caused by the need to development export infrastructure from the offshore location.
The field contains an estimated 1 trillion cubic feet of gas reserves.