Full coverage: Oil

The Irish Petroleum Industry Association is dead, long live Fuels for Ireland. The industry body representing oil importers and distributors and Ireland's only refinery has acknowledged that its members won't sustain their businesses into the future by selling fossil fuels.

Companies interested in drilling Ireland’s offshore have abandoned nearly half of their concessions in less than one year. While the move matches policy to shift away from fossil fuels, it leaves senior civil servants worried as the country’s dependence on imported gas increases.

Although both the Irish oil explorer’s board and new investors led by businessman Roger Tamraz say they want to keep working together, the cancellation of disputed shares earmarked for a reverse takeover leaves little room for their grand plan to take place.

Since a January High Court injunction froze dealings between the Irish oil explorer Petrel Resources and its new largest shareholders, their stake has remained under the threat of a loan agreement signed with a mysterious US lender.

Oil prices may easily decline below $30 per barrel in the weeks ahead. Covid-19 could spread materially beyond Italy, meaning that a whole range of new quarantine measures may be undertaken by the likes of France, the UK and Germany. If this comes to pass, oil prices may decline to the mid-20s.

The stake of Petrel Resources’ largest shareholders remains frozen by a court order, but the company and its new investors have agreed to put the dispute down to an alleged fraudulent loan default triggered by a US lender – and plough ahead.

Petrel Resources’ share price has been on a rollercoaster since it unveiled takeover plans by investors with deep connections in the Middle East. Less than six months into their honeymoon, the partners are lawyering up.