Irish group grab stake in oil spot
An Irish oil and gas company has increased its stake in an oil discovery which could contain hundreds of millions of barrels of oil.
Providence Resources Plc, based in Dublin, will assume operatorship of the Barryroe oil discovery, which a third party audit has shown could yield 373m barrels of oil. Providence will have a 50% stake, with Lansdowne Oil and Gas plc, which has a base in Ireland, taking 20%.
John O’Sullivan, Providence’s technical director said: “The potential presence of hundreds of millions of barrels of oil in place in the shallow waters off the south coast of Ireland is a huge prize.”