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Providence Resources sitting on more oil than expected at Barryroe field

OIL and gas exploration company Providence Resources is sitting on more oil than first thought at its Barryroe oil field off the coast of Cork.

The increase in the amount of oil that could potentially be drilled was discovered by Netherland Sewell & Associates Inc, an outside firm hired to do an independent audit of the strike.

In its report Netherland Sewell & Associates said there are 761 million barrels of oil in the field, more than the 756 million barrels Providence itself had reported.

The new report said 266 million barrels of the find may be recoverable.

Online Editors