US oil firm Exxon Mobil said today it had invited bids for part of its share in deep water blocks off the Irish coast.
Exxon bought an 80 per cent stake in the Dunquin blocks in the Porcupine Basin, off the southwest coast of Ireland in early 2006 from Irish explorer Providence Resources, which retained a 16 per cent stake.
Exxon's purchase sent Providence's shares higher at the time as investors interpreted the oil major's involvement as a sign the blocks could be a rich new source of oil and gas production.
However, the Houston-based company added it was committed to exploring for hydrocarbons in the Porcupine Basin.