Fastnet Oil & Gas plc, an independent oil and gas exploration company, announced plans to conduct the biggest ever 3D seismic survey in the Celtic Sea, Independent.ie reports.
The cost of the survey would be over EUR 20 million (26.1 mln USD), and the company will seek partners to jointly fund the survey.
Fastnet recently secured licences for two blocks in the Celtic Sea which were drilled in the Eighties and were abandoned.
New techniques in the oil industry will allow previously unviable resources to be extracted.
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Subsea World News Staff , December 04, 2012; Image: Fastnet