Oil and Gas fields off the Irish Coast


#261

Looks like drilling is about to start (or may have started) on the Dunquin appraisal well.

independent.ie/business/irish/oil-giant-exxon-starts-160m-drilling-project-off-west-coast-29163728.html

Its a disgrace that any articles about Providence published in the Indo don’t have a disclaimer to notify the public that the owner of the newspaper has a massive stake in said oil company.


#262

True. But the seismic must be very good for each of the firms to put about 30/40M into the appraisal.


#263

Agreed, but is this not an appraisal well rather than an outright exploration well. I stand to be corrected on that.

I’m trying to find who drilled the original exploration well on the prospect but no luck yet.


#264

Maybe the 3d seismic gives enough promise to negate the need to discuss the fact that these are not appraisal wells in the eyes of potential investors as

:smiley:


#265

They would in their hole.

Might scrape into the top 100 I’d say. And the top 10 are bigger that the other 90 put together.


#266

+1. And the top one is bigger than the next ten together.
Here’s a list of the top 20, the smallest of which is five times the size of either of the Dunquins … even if they meet the optimistic suggestions:

en.wikipedia.org/wiki/List_of_natural_gas_fields

(Note: 1 tcf = 10¹² cu.ft.)


#267

A 8 tcf discovery if accessible is pretty substantial none the less.


#268

I stand corrected, the closest offset well is 58Km away to the North West as the crow flies so this well is an outright wildcat so as grumpy mentions, it’s all down to the seismic.

Nearest offset was drilled in 1988 by BP. Well 43/13-1. No oil or gas shows.
Spud Co-ords 51º30’ 18.04"N 13º24’09.03"W

Exxon Well
Block 43/23
Spud Co-ords 51°19’53.824”N 12°27’29.603”W

dcenr.gov.ie/NR/rdonlyres/67D4A5F6-E3CB-4463-9496-CC0152968F65/0/A0_Concession_Map_Dec2012.pdf


#270

Yes, although I think it’s all about flow rates too, isn’t it? 8 tcf is useless if it takes 200 years (or 200 wells) to get it out.


#271

rte.ie/news/business/2013/0405/379837-providence-gives-improved-update-on-barryroe/


#272

Spud of Dunquin Exploration well finally confirmed

offshore.no/international/article/Dunquin_drilling_start_confirmed


#273

Providence oil find could generate €4.5bn for State, says new report - Nick Webb -> independent.ie/business/iris … 97083.html


#274

Its a shame that Nick Webb didn’t read the PWC report iooa.ie/downloads/2851/making_the_most_of_our_natural_resources__may_2013.pdf)) himself as he would have understood that Ireland has a dismally low amount of exploration in recent years with the Dunquin exploration well being the only planned well to be drilled off the Irish coast this year.

Some comparisons with the UK and Norway

  • Based on historical experiences, the probability of making a commercial discovery in Ireland is low (1 in 32) compared with Norway (1 in 7) and the UK (1 in 6). The number of wells drilled over the last ten years has been very low, averaging less than two a year.

  • A very small percentage of Irish waters is under active exploration. The demand for exploration licences is low in absolute and relative terms, with only 6% take up of the licence area offered in 2011, constituting only 2% of the entire Irish designated offshore area.

  • in absolute terms, the level of demand for licences in the most recent (2011) Atlantic Margin licensing round (13) was significantly less than for the most recent licensing rounds of Norway (51) and the UK (157);

  • Ireland’s challenging offshore environment and relatively undeveloped industry means higher costs for oil and gas companies. Few Irish specialist suppliers and lack of offshore infrastructure (at the production stage) also mean higher costs than elsewhere.

  • The controversy, which caused considerable distress and cost to all of the parties involved, materially changed the commercials of the Corrib discovery. At the end of 2011, the total spent on the project amounted to €2.43 billion with final development costs expected to be €3 billion compared with an original estimate of €800 million.

Some of the executive findings of the report are as follows

  1. Ireland is underperforming relative to other European players in the attraction of exploration investment from the oil and gas industry.
  2. This underperformance is partially attributable to factors beyond the control of policy makers, but there are important policy contributors.
  3. The oil and gas industry has the potential to transform local and national economies, but a critical mass of activity is needed before a substantial indigenous supply base can develop.
  4. This critical mass of activity does not currently exist in Ireland, nor will it is exist until exploration demand is unlocked and success rates improve.
  5. Notwithstanding this, Ireland is already deriving some economic advantage from the industry.
  6. The policy experience of Scotland suggests that huge State investment is not always required, however an “enabling” environment is essential to drive industry development.

Note: I’m aware that this report was prepared by PWC at the request of Providence Oil and Gas.


#275

They seem to be forgetting that oil prospectors are only going to drill where there is a reasonable chance of finding a reserve that can generate an income, absolutely pointless drilling dry holes just to keep up with the neighbours! :rolleyes:


#276

The Rig Eirik Raude has just completed its second month of drilling ( on the one hole) in Dunquin and the target depth is to be reached some time in September…could be early or late September , who knows.

The O’Reillys have previous in ramping d’ole share price in July so beware of any and all rumours that emanate in re Providence over the next 2 months in particular. They had a go at pimping themselves up northwith this heady yarn in June and the share price hardly moved at all…except downwards. :nin

The vessel was contracted to do a 90 -120 days drilling operation and anything less than a FULL 90 day drilling operation (out to around the middle of August or so) will be a gross failure.

I would not expect any formal announcements from the drillers (Exxon) until around christmas and the really interesting play will be from Cairn Energy who farmed in further north this year and announced they would drill it in 2014 last week. At present the Cairn drilling operation on Spanish Point is the only one I know of in 2014 in Ireland.Petrel recently farmed out a % of a block with a view to a drilling announcement hopefully later this year and for 2014 too.

It is safe to say that bad news on those two wells will plunge the whole country into a long deep depression and that good news from Exxon and Cairn could have precisely the opposite effect and Petrels new partners will be out there drilling like maniacs seeing as the Petrel targets are as little as 35km from the well being drilled now. :slight_smile:


#277

Rumour in the industry is Dunquin is dry


#278

Fail. Bad news = good news.

fxcentre.com/news.asp?3080877


#279

not even the Independen can spin this one

independent.ie/incoming/shar … 38201.html


#280

Non Pump and dump?


#281

Another fail:

irishtimes.com/business/econ … -1.1471745