Providence Resources confirmed it is about to secure revenue from oil of billions of pounds.
The Ireland and UK company said that its Barryroe site, located 30 miles off the Cork coast, is expected to yield 280 million barrels of oil. The revenue will depend on the oil price at the moment of extraction and on the licensing arrangements. Tony O’Reilly Jr, the company’s CEO, said that this marks a huge success and the beginning of the Irish oil industry.
“The great news today is that Barryroe is on a path towards development. We hope there is a renaissance of interest by international companies who need to come to Ireland and help us to exploit our natural resources. We cannot do it alone,” said Mr O’Reilly.
He also added that the oil recovery rate at Barryroe has reached unexpected values and with oil at about $100 per barrel (77 euro; £62.5) it means a lot of profit. Mr O’Reilly rejected critics’ opinion that Ireland will not be included in the oil industry and said that Providence plans to attract multi-national energy companies, such as Exxon Mobil, with which it has already closed a deal to explore its site at Drumquin.