Woodside agrees to terms for 12 blocks offshore Ireland
Woodside has been offered farm-ins to various exploration blocks in the Porcupine basin offshore western Ireland.
Petrel Resources has accepted Woodside’s offer to acquire an 85% interest in licensing option 11/6, which comprises blocks 45/6, 45/11, 45/16, and LO 11/4 (blocks 35/23, 35/24, and 35/25).
Bluestack Energy has accepted Woodside’s offer to take a 90% stake in LO 11/3 (blocks 35/25(e), 35/30, 36/21, 36/26, 44/5(p), and 45/1).
Both offers include any subsequent frontier exploration licenses that might result from the licensing options.
Woodside CEO Peter Coleman said: “The Porcupine basin is an emerging oil and gas province which has seen increasing industry activity over the past several years. Woodside has an outstanding track record working in deepwater environments and these opportunities fit with our core capabilities and corporate strategy.”
Both offers are subject to execution of fully termed agreements, completion of due diligence, and other necessary approvals. Assuming Irish government sanction, Woodside will become operator of all three licensing options.