Australian oil and gas major Woodside Petroleum is to acquire its first offshore exploration acreage in north west Europe.
The firm, Australia's largest operator, has agreed to farm-in to three license options in the Atlantic Porcupine Basin.
It is to acquire 85% in licensing option 11/6, containing blocks 45/6, 45/11 and 45/16, and licensing option 11/4, containing blocks 35/23, 35/24 and 35/25, from Petrel Resources.
It is also to acquire 90% in licnesing option 11/3, containing blocks 35/25(e), 35/30, 36/21, 36/26, 44/5(p) and 45/1, from Bluestack Energy.
Woodside will also become operator of all three licensing options, subject to regulatory approval.
Woodside CEO Peter Coleman described the Porcupine Basin as "an emerging oil and gas province".
Petrel's managing director David Horgan said: "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."
ExxonMobil is currently drilling the Dunquin prospect in 1.6km of water in the Porcupine Basin, using the Eirik Raude semisubmersible drilling unit.
Woodside currently only holds acreage offshore Europe through a partnership with Spain's Repsol in the Canary Islands, off north west Africa.
Its other international assets include deepwater production facilities in the Gulf of Mexico, plus exploration acreage in the USA, Republic of Korea, Brazil and Peru.
In a separate announcement, Chariot Oil & Gas said that Philip Loader, said its non-executive chairman, is to step down to become executive VP for global exploration at Woodside.
Image: The semisubmersible drilling rig Eirik Raude is currently drilling the Dunquin prospect in the Atlantic Porcupine Basin.
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