Posted: May 22, 2013
Fastnet Oil says independent assessment established presence of significant potential.
An independent assessment of explorer Fastnet Oil and Gas’s Deep Kinsale target off the south coast indicates that it could contain 2.3 billion barrels of oil.
Fastnet said today that an independent assessment of the licence area by SLR Consulting established the presence of a significant potential “unrisked” resource in place of over 2 billion barrels.
The group said that SLR carried out the assessment in accordance with generally accepted international procedures.
In February, Fastnet agreed a deal with Petronas subsidiary Kinsale Energy to farm into the so-called “deep Kinsale prospect”. It lies deep below the existing Kinsale gas field, which has by now given up all but 3 per cent of its reserves.
As part of its deal with Kinsale Energy, Fastnet carried out engineering and geological studies and a wide-ranging, three-dimensional seismic survey.
Fatnet said the independent assessment confirms that oil-bearing sands encountered in the Middle and Lower Wealden wells drilled by Marathon in the early 1970’s occur in the same geological structure that hosts the shallow producing gas sands in the Kinsale gas field.
The Deep Kinsale structure covers an area of up to 162 square km.
“Deep Kinsale is a large anticlinal structure, which has the potential to contain a significant oil accumulation directly beneath the producing Kinsale gas field and the two platforms, in the Celtic Sea,” Fastnet founder shareholder John Craven said.
Earlier this month, the oil and gas company, which is focused on near term exploration acreage in Africa and the Celtic Sea, was awarded a new licensing option in the North Celtic Sea. The option covers blocks in the Mizzen Basin, known as East Mizzen, and the western end of the North Celtic Sea Basin, offshore Ireland.
From The Irish Times-Pamela Newenham
http://www.irishtimes.com/business/sectors/energy-and-resources/deep-kinsale-could-contain-2-3bn-barrels-of-oil-1.1402539
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Posted: May 13, 2013
From The Irish Examiner - By Geoff Percival
The Government is set to announce details of a major research contract to assess Ireland’s true oil and gas potential in the coming weeks, with industry rumours suggesting Italian giant Eni could be signed up as project partner.
The project will focus on a seismic survey off the west coast, to judge the oil and gas reserve potential of the under-explored Atlantic Margin area.
While the provision of “relevant depth of seismic data”, formed part of the recommendations from last week’s Providence Resources/PwC study into the potential of the Irish offshore sector, this seismic tender has been in the Government’s plans for nearly a year.
There has been speculation that Eni could be signing up to invest around €70m in carrying out the study, but the Department of Communications, Energy and Natural Resources has been tight- lipped over the details.
A department spokesperson said that the procurement process has concluded and project planning is at an “advanced stage”. “It is anticipated that an announcement will be made shortly,” they added.
Minister of State at the Department, Fergus O’Dowd, first announced the intention to tender for a seismic data specialist to undertake the detailed survey last year, when addressing the Atlantic Ireland Conference in Dublin.
Speaking then, he said that such a survey would be “a huge step forward” and would go a long way to revealing the true potential of Ireland’s frontier basins.
The real genesis of the programme was the Government’s 2011 Atlantic Margin Licensing Round, which attracted a positive response from industry but still resulted in large areas on offer receiving no applications, despite being located in basins containing proven petroleum systems.
A lack of available seismic data was viewed as a significant contributing factor that needed to be addressed, according to Government. The small number of exploration wells drilled in Irish waters, over the past decade, has been blamed on low levels of available intelligence, with poor seismic data coverage previously described by Government as “the biggest impediment to exploration”.
Last week’s PwC study into the potential of Ireland’s offshore exploration industry suggested that thousands of jobs could be created per year and the Exchequer could significantly increase its annual corporate tax take if certain existing barriers to entry, for overseas players, are removed.
“The oil and gas industry has the potential to transform local and national economies, but a critical mass of activity is needed before a substantial indigenous supply base can develop,” it said.
Extract From http://www.irishexaminer.com/business/contract-to-assess-oil-potential-231055.html
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Posted: April 4, 2013
Tuesday 04/04/2013
“AN EXPLORATION COMPANY with rights to explore an area off the west coast of Co Kerry claims the field has shown the potential to hold hundreds of millions of barrels worth of oil.
Petrel Resources says the site in ‘Quad 45′, about 100 kilometres to the west of Valentia Island, has “the capability to hold several hundred million barrels of in-place oil”.
The site was authorised for exploration in 2011, when 13 various sites in the Porcupine Basin off the west coast were offered for new ventures.
Petrel was offered two of those sites; the other site in ‘Quad 35′, about 120 kilometres west of the Dingle peninsula, showed the capability of hosting in excess of a billion barrels of oil.
Quad 45 lies about 35 kilometres northeast of an area in the Dunquin prospect, which is already the focus of a major prospective drilling operation from a consortium led by Exxon Mobil.
Petrel said it had purchased additional seismic data of the area and has carried out further regional seismic mapping.
“We have long believed that the offshore Porcupine Basin is a hydrocarbon province,” Petrel managing director David Horgan said in a media release.
“This has been further supported by our recent work in identifying potential prospects on both of our blocks.
“We look forward to increased activities across the Basin which we believe has the potential to be a major new oil province. We have commenced our search for potential partners.”
Shares in Petrel rose by over 10 per cent in early trading in London this morning.”
Extract from thejournal.ie
http://businessetc.thejournal.ie/oil-porcupine-basin-kerry-petrel-853171-Apr2013/
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Posted: April 2, 2013
Extract from Independent.ie Tuesday April 2nd
By John Mulligan
“Oil giant ExxonMobil kicks off a $160m-plus (€125m) drilling programme off the west coast of Ireland this weekend with hopes that confirmation of major fossil fuel reserves will transform the country’s economy.
The US company is planning to drill test wells over a four-month period at two prospects at the Dunquin licence area in the Porcupine Basin, 200km off shore.
Previous data has suggested that there could be over 300 million barrels of oil and 8.5 trillion cubic feet of gas between the two Dunquin prospects.
If they could be proven and then extracted, such finds would mark one of the biggest ever global discoveries of oil and gas and be a game-changer for Ireland’s economic fortunes.
Hidden
But despite the 200 or so wells drilled off Ireland’s shores in the past number of decades, only two have resulted in commercial fields – Kinsale and Corrib.
Both are minnows compared to the prospective resources that could be hidden at Dunquin. Kinsale had about 1.5 trillion cubic feet of gas, while Corrib has about one trillion.
Located at a point in the Atlantic where the ocean is 1.6km deep, ExxonMobil’s drilling programme is being eagerly watched by oil companies from abroad and Ireland, including Petrel Resources, which has an exploration block just 35km away from the Dunquin prospect.
ExxonMobil controls 27.5pc of the Dunquin prospect, with Italian firm Eni holding another 27.5pc.
Spanish energy firm Repsol owns 25pc and UK-based Sosina has a 4pc interest. Irish exploration firm Providence Resources has a 16pc interest in the prospect. A major oil or gas find could catapult its shares higher.
The Dunquin prospect – where the reserves are as deep as 3.6km under the seabed – is one of the most important exploration areas for Providence, which is headed by Tony O’Reilly Jnr.
Providence is also betting that it could have a major oil find on its hands at a site called Barryroe, which is close to the Kinsale field. The company reckons that there could be 280 million barrels of recoverable oil at the Barryroe prospect.”
http://www.independent.ie/business/irish/oil-giant-exxon-starts-160m-drilling-project-off-west-coast-29163728.html
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Posted: March 21, 2013
On 14 March 2013, His Excellency Sheikh Saoud bin Abdulrahman Al-Thani, Minister of Sport & Secretary General of the Qatar Olympic Committee (QOC) is pictured with Board Members of SEFtec NMCI Offshore (“SNO”), Conor Mowlds (pictured 2nd from left) and Darren O’Sullivan (pictured 4th from left). This was taken prior to the signing of a Memorandum of Understanding between SEFtec NMCI Offshore and IRM Offshore to provide support for the development of dedicated TEMPSC coxswain training facility in Qatar over the next 12 months.
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Posted: March 20, 2013
The Irish Examiner
Wednesday, March 20, 2013
Fastnet Oil & Gas has initiated a farm-out process to help cover the cost of its forthcoming $18m (€14m) surveying activity in the Celtic Sea, which will be the biggest of its kind ever undertaken in the area.
Last month, the exploration firm selected French geophysical specialist, CGG to carry out the 3D seismic survey to cover 2,200sq km of the Celtic Sea.
Fastnet say the 3D survey will last for about 50 days. It is due to begin in April.
The firm had been expected to partially pay CGG from the €18.6m capital it raised late last year, but it has commenced a search for a partner who will stump up most of the cash in return for a stake in one of the licence areas being surveyed.
The survey will cover Fastnet’s ‘Mizzen’ prospect and adjoining areas — where several large structures have been identified — but will begin at the Deep Kinsale Prospect, in which Fastnet purchased a 60% stake last month.
The prospect is a potential oil-bearing reservoir situated underneath the Kinsale Gas Field. The potential to expand the 3D study exists, but depends on interest from potential partners.
Paul Griffiths, Fastnet’s managing director, said that even at this early stage, the company is “very encouraged” by the level of interest being shown, “by a broad spectrum of companies”.
“This is the first large-scale 3D seismic programme to be acquired in this part of offshore Ireland. Whilst we are targeting proven hydrocarbon systems around the Kinsale and Barryroe fields, we are also evaluating a prospective part of the Celtic Sea Basin, covering approximately 4,250 sq km, that has seen only one well drilled, in 1975 by Esso, which encountered oil shows. 3D seismic is the first step to creating material, ‘drill ready’ prospects.”
By Geoff Percival
http://www.irishexaminer.com/business/fastnet-looks-for-farm-out-partner-225926.html
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Posted: February 15, 2013
BARRY ROCHE, Southern Correspondent, Irish Times. Feb 14th 2013
“The National Maritime College of Ireland is set to develop further this year with the provision of training programmes and consultancy services in the Middle East and Asia, it has emerged.
NMCI is a constituent college of Cork Institute of Technology (CIT), whose president, Dr Brendan Murphy, confirmed today that both research and training at the college is to expand.
Speaking at a conferring ceremony for some 72 graduates at NMCI, Dr Murphy said 10 full time research posts have been created at the college in the past year.
“This growth in R&D has warranted the establishment and branding of the NMCI’s own research centre, something which will take place in the very near future,” he said.
This year, NMCI’s commercial wing, NMCI Services, is set to provide training and consultancy services in the UAE, the Gulf region, Vietnam and Malaysia, he added.
Located on a 10-acre site at Ringaskiddy in Cork Harbour, the NMCI was set up to serve the training requirements of the School of Nautical Studies, CIT and the Irish Naval Service.”
http://www.irishtimes.com/newspaper/breaking/2013/0214/breaking40.html#.UR1NPGlRbCo.twitter
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Posted: February 11, 2013
Australia’s oil and gas workers enjoyed the highest average salaries in the industry in 2012 due to a skills shortage, with expatriates pocketing $171,000 a year, a study said on Friday.
Despite uncertain global economic conditions, wages in the oil and gas industry rose globally by 8.5 percent in 2012 to $87,300, according to Hays Oil and Gas Job Search. That follows an average increase of 6.5 percent in 2011.
“There would be few industries with such a track record of growth over the last few years in what has been, in the most part, an uncertain economic environment,” the report said.
World oil production in 2012 grew by 2 percent from the previous year to 89.17 million barrels per day and is expected to increase 1 percent this year, according to the U.S. Energy Information Administration.
Expatriates in Australia topped the list, and Norway came second, according to the survey, conducted among more than 25,000 employees. Among local hires, Australians workers were also the highest earners, with an average wage of $163,600.
“At the top of this year’s table, we once again see Australia and Norway. Both countries have limited skilled labour pools and significant workloads. The result is very high pay rates, although both would appear to have met some sort of ceiling,” the report said.
Australia is preparing to become one of the world’s largest liquefied natural gas (LNG) exporters, with 190 billion Australian dollars ($196.2 billion) worth of projects currently underway, requiring a vast workforce.
The average wage in the United States was significantly lower at $123,800. At the other end of the spectrum were expatriates in Sudan, who according to the survey, earned $59,800 in 2012. Wages tumbled in Iran, whose oil and gas production contracted last year as a result of Western sanctions over its disputed nuclear programme. The average expatriate salary in Iran dropped 27 percent in 2012 to $68,100, while the average for local employees fell 10 percent to $46,900, the study found. “Where imported salaries are concerned, it is once again the frontiers of the industry that are pushing the upper limits of pay. Representing a mix of danger money and hardship allowance in these base salaries, we find Russia’s Arctic exploration driving imported skills, and China’s drive on non-conventional skills also pulling in experts on premium rates,” Hays Oil and Gas Job Search said. The risks involved in some exploration and production regions were laid bare last month in Algeria, where Islamist gunmen attacked a gas plant, which led to the deaths of at least 38 local and foreign workers. Expatriate salaries in Algeria averaged $92,400 last year, according to the survey, which was conducted before the attack. As for areas of expertise, vice presidents and directors of subsea pipeline projects earned the highest average wages at $251,200, up 9 percent from 2011. Graduate salaries increased 12 percent to just under $40,000 in 2012. In an industry counting around 5 million people across the world, 47.4 percent are expatriates, with the remainder employed locally, the report said. ( C) Reuters
For more information and news please see http://www.fxcentre.com/news.asp?3033334
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Posted: June 14, 2012
The Strategic Marine Alliance for Research and Training have introduced the
The module is designed for those who wish to gain practical skills in at sea sampling and data collection and is geared towards the training requirements of postgraduate students and researchers, marine agency and industry personnel, and those wishing to develop a career in applied marine biology. A description of the module with instructor biographies, application forms for the module and a module poster can be downloaded at the bottom of the page. Completion of the module results in the award of 5 ECTS credits at postgraduate level 9.
Twenty places are available on this accredited postgraduate module which will run between Monday the 1st of October and Friday the 26th October 2012.
Week 1 is composed of mentored student centered distance learning.
Week 2 consists of three days of laboratory practicals and lectures in Galway-Mayo Institute of Technology and four days shiptime divided between the Celtic Voyager and Celtic Mist research vessels off Cork and in the Shannon Estuary respectively. For the shiptime components, there will be a maximum of ten students per vessel per day.
Weeks 3 and 4 consist of student centered distance learning leading towards the submission of a project report.
Fees for the module are €750. Completed application forms should be submitted no later than the 20th of July 2012.
For further information please email smart@gmit.ie
http://www.smartseaschool.com/content/postgraduate-accredited-module-applied-marine-biological-sampling-and-data-collections
If you would like any information on this or similar courses such as corporate team building, OPITO training Ireland, FOET courses and Bridge Simulation - call us today or email us at reception@nmci.ie.
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Posted: March 6, 2012
SNO Attains Offshore Lifeboat Coxswains OPITO Approval
SEFtec NMCI Offshore is delighted to announce that we have achieved OPITO approval in Offshore Lifeboat Coxswain Training for 4 of our courses.
The 4 courses which have achieved the approval and will commence at the NMCI in the coming months are as follows:
- OPITO Offshore Lifeboat Coxswains Course Initial Twinfall (TEMPSC)
- Supplementary Freefall Lifeboat Training
- Offshore Lifeboat Coxswains Refresher Twinfall
- Supplementary Refresher Freefall Lifeboat Training
On completion of the coxswain course delegates will be competent in the following areas:
- Roles and Responsibilities of the offshore training – Lifeboat Coxswain
- Maintaining Readiness and Preparing TEMPSC
- Preparing to Launch and Launching TEMPSC
For further information on the OPITO approval of these courses please see here.
If you would like details on similar courses such as corporate team building, OPITO training Ireland, FOET courses and Bridge Simulation – call us today or email us at reception@nmci.ie.
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