Nautical Digs for Irish Oil

Nautical Petroleum says there is evidence of a significant oil field in the Irish Sea, close to the Cumbrian coast of the UK.

The company plans to conduct seismic tests of the area, close to Walney Island, next summer.

It says if the area contains the predicted large quantities of heavy oil, production could begin in as little as five years, the UK's BBC News reports.

Nautical Petroleum commercial director Paul Jennings says although exploration is in the very early stages, the company believes there will be sufficient quantities to begin commercial production.

"If we are encouraged by initial test we will look to drill a well sometime within the next two to three years," he says.

"If everything goes according to plan we could see first production at best in five years."

Encore Oil also has exploration rights in the area.