The Irish government wants to erase the near 40-year drought of successful exploration in the waters off its coast, Irish Minster of State Fergus O'Dowd said.

O'Dowd told delegates at a business summit in London the approximately 270,000 square miles off the Irish coast have seen relatively few successes in the last 40 years.

"We need increased levels of exploration activity, in particular exploration drilling levels if true potential is to be proven," he said in his Thursday address.

The United Kingdom and Norway are among the largest producers of oil and natural gas among European Union member states. Ireland, meanwhile, imports all of its oil and relies in foreign sources for 90 percent of its natural gas needs.

O'Dowd said a seismic survey of areas off the Irish coast began in June in order to get a better understanding of the resource potential.

A licensing round for exploration acreage is scheduled later this year.

"Offshore Ireland has a significant potential for oil and gas finds," the minister said.