Exploration company Petrel Resources has signed a farm-out agreement for its Porcupine Basin holding off the Atlantic coast.
The company has agreed to farm-out 85% of the holding to Woodside, Australia’s largest independent oil and gas company.
''This is a momentous development for Irish offshore exploration, introducing a world leader in deepwater exploration and production. The Irish Porcupine Basin is a frontier province which needs new approaches,'' commented Petrel’s managing director David Horgan.
He noted that Woodside has discovered vast reserves, and brought them into production safely and quickly.
The farm-out deal is subject to the execution of fully-termed agreements, completion of due diligence and other necessary government approvals, the company said.
