Ireland's energy minister Pat Rabbitte announced the country is encouraging oil and gas exploration, according to Platts. The energy minister also feels the country can learn lessons from Norway's success in the industry.
"It is only through active exploration, especially drilling, that the potential [oil and gas] will be proven," said Rabbitte. "It is a key government policy objective to encourage investment in oil and gas exploration off the Irish coast and to optimize the value of any oil and gas finds for Ireland."
More than 70 companies were at the event where Rabbitte highlighted the potential economic benefits and opportunities the Irish could gain from furthering the country's investment in offshore oil and gas exploration, the source reported. Rabbitte hopes a renewed interest in the Celtic sea will increase business development as well as create jobs and other economic benefits.
There has been recent growth in Irish oil and gas production and the country announced the funding of a new seismic survey further study the potential for offshore oil and gas exploration, according to Platts.