Ireland's minister for communications, marine and natural resources, has announced details of the new licensing round in the Slyne, Erris, and Donegal basins. This is the second phase of a policy to successively open areas with exploration potential. The announcement is also aimed at sending clear and early signals to the industry as to future exploration rounds.

The Corrib gas field, which is under development, illustrates the area's hydrocarbon potential. This constitutes a new opportunity for exploration in an area that remains under-explored. The infrastructure of the Corrib field could significantly reduce the development cost of any further commercial discoveries in the vicinity.

The acreage on offer will cover unlicensed blocks in an area of 25,000 sq km. The area has been classified as frontier acreage because of the challenging environment off Ireland's northwest coast. Successful applicants will be offered Frontier Exploration Licenses, which have a duration of 15 years.

Applications for Frontier Exploration Licenses covering blocks in the round must be lodged with the Department of Communications, Marine, and Natural Resources by March 15, 2006.

The licensing terms for offshore oil and gas exploration and development, 1992, will apply to licenses granted under the Round.

Further details on the Licensing Round will be announced at the end of March 2005.

1/26/05