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Europa Oil & Gas PLC chief talks offshore Ireland oil opportunities

Hugh Mackay, chief executive of Europa Oil & Gas PLC (LON:EOG) says “the majors are back in Ireland” following the latest licencing round, with Exxon, StatOil and BP all bidding.

In the previous licencing round in 2011, there were no majors bidding, he adds, noting they have been “inspired” by the Flemish Pass basin in offshore Newfoundland.

In the latest round, Europa secured acreage offshore Ireland containing three prospects it had previously identified in data from 2013, and Mackay said, with such low drilling costs at the moment, “there will never be a better time to explore in deep water than over the next two or three years.”

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