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Providence in oil boom here

THERE'S oil in them Irish waters.

Irish exploration group Providence Resources said the oil field off Cork could produce up to 100,000 barrels of oil per day.

The Barryroe oil field off Co Cork could ultimately yield a total of 280m barrels of recoverable oil over 25 years.

Providence Resources owns an 80pc stake in the field and has updated estimates for the asset, which is Ireland's most significant oil find to date.

The figures follow findings that Barryroe probably holds up to 1.8bn barrels in total -- four times bigger than initially thought.

Chief executive Tony O'Reilly Jr said oil discoveries off the Irish coast, such as Barryroe, could benefit Ireland in much the same way as North Sea finds in Britain.The company is still awaiting declaration of commerciality and is still dependent on receipt of various permits and finding a development partner.


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