Irish offshore reserve estimate nearly doubles

June 5 (UPI) -- More interest in the oil and gas basin off the western coast of Ireland is expected after reserve estimates nearly doubled, Europa Oil & Gas said Tuesday.

The company, which currently holds a 100 percent stake in the FEL 3/13 prospect in the Irish waters of the Atlantic Ocean, said data show the reserve estimate at 2.9 billion barrels of oil equivalent, 93 percent more than initially expected.

"In FEL 3/13 we are seeing the first fruits of Europa's major investment in 3D seismic data reprocessing in Atlantic Ireland," CEO Hugh Mackay said in a statement.

Seismic surveys are used to get a better understanding of the potential reserves in a basin. Europa said data show the basin was thicker and covering more area than originally thought.

The Irish government has offered dozens of licensing options for offshore opportunities, while at the same time taking steps to advance a low-carbon economy. The Irish government is hedging its bets on the reserve potential. At the early part of the decade, the government said offshore reserves produced 14 billion cubic feet of natural gas, but no oil.

Europa serves as the operator in a broader Irish reservoir dubbed Porcupine. Mackay said the revised data could draw attraction for other investors.

"Europa intends to launch a farm-out process for FEL 3/13 once we have brought our other Porcupine licenses to the same level of evaluation and we expect to make an announcement on this in the next few months," he said.

Europa in April reported revenue during the six month period ending Jan. 31 at $1.06 million, unchanged from first half 2017.