Amid the turmoil of the current oil and gas price crisis, some positive news is emerging from an unexpected corner.

Ireland is not renowned for its world-class discoveries or megabucks oil and gas business, but recent events are sparking interest.

Shell’s long-delayed Corrib gas field has just come onstream, and the country’s recent offshore licensing round has attracted some big hitters.

Eight companies, including Eni, Europa, Exxon Mobil, Nexen, Scotia, Statoil and Woodside as operators, along with BP who will partner with Eni, were all offered licensing options in the Irish offshore following the conclusion of the first phase of awards in the 2015 Atlantic Margin Licensing Round.

This phase of awards, which are valid for two years, focuses on an area in the southern Porcupine Basin, where a number of applications included commitments to acquire new seismic surveys later this year.

Minister of State at the Department of Communications, Energy and Natural Resources Joe McHugh said the response to the round has been extremely positive, with 43 applications for licensing options received by the deadline of September 2015.

“This is by far the largest number of applications received in any licensing round held in the Irish offshore. At a time of very low oil prices, the strong interest in the round is very positive,” he said.

The second and final awards phase is scheduled for mid-May.

Statoil was awarded six licensing options in the round. It will operate four and partner in two operated by Exxon Mobil. Work program commitments are limited to 2-D and 3-D seismic surveys to be acquired during 2016 and 2017.

Erling Vågnes, senior vice president, exploration Northern Hemisphere at Statoil, said, “We are pleased with these awards that will see Statoil reentering the Irish exploration scene. This supports Statoil’s exploration strategy of early access at scale and enables us to apply the exploration knowledge and experience we have gained globally and specifically on the conjugate margin offshore Newfoundland. We look forward to working with Exxon Mobil on exploring these opportunities.”

Tony O’Reilly, CEO of Providence, which is already well established in the Irish offshore, added, “It is extremely encouraging to see the significant interest being shown in offshore Ireland with the announcement of the Phase 1 offered awards of new licensing options to major industry players confirming Ireland as a global exploration focal point.”

Providence was the only licensee in the Porcupine Basin in the 2004 licensing round, and since then it has been the major catalyst for inward investment in the basin—with Exxon Mobil farming into Dunquin in 2006 and subsequently Chrysaor and Cairn farming into Spanish Point in 2008 and 2013, respectively.

The new entrants should give Irish exploration just the boost it needs.

Contact the author at jsheehan@hartenergy.com.

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