iCRAG industry partners ENI, Europa, ExxonMobil, Statoil and Woodside Energy have been granted offshore licences by the Department of Communications, Energy and Natural Resources.

A licencing option gives companies two years to carry out a programme and make a decision on whether to take out a full licence. The companies then have a further three years to drill an exploration well. These licences were approved for the southern Porcupine Basin, which is an area off the southwest coast of Ireland. In total, 43 applications were received, with 14 licencing options approved.