Providence Resources has announced a phased farm-in by ABT Oil and Gas into its Helvick and Dunmore oil discoveries off the southern coast.
The exploration company said this could lead to commercial development of the fields.
As part of the farm-in deal ABT will help carry out of a phased detailed work programme on the site in the North Celtic Sea basin.
Providence said the first phase of this work will be to determine whether the discoveries can be developed commercially, through the use of ABT low cost development technologies.
It added that if the joint venture partners determine that the discoveries can be developed commercially, the second phase of the work programme will then be carried out.
"We are delighted to be working with ABT Oil & Gas as they bring their experience and technology into offshore Ireland," commented Providence's Technical Director John O'Sullivan.
"We hope that through this partnership, we can realise the potential from these two dormant oil discoveries, whilst we continue to focus on the other more material assets within our extensive Irish portfolio," he added.
