Ireland ‘Close to Oil Billions’
Ireland is on the verge of securing revenue from oil that could run into billions of pounds.
Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil.
The money generated will depend on the market value at the time of extraction and on licensing arrangements.
Providence chief executive Tony O’Reilly Jr said this was the beginning of an Irish oil industry.
He described it as a huge success story, following decades of exploration around the Irish coast.
“The great news today is that Barryroe is on a path towards development,” he told BBC Northern Ireland’s Good Morning Ulster.
Mr O’Reilly said more work needed to be done and issues such as taxation revenue, security of supply and jobs needed to be addressed.
But he said: “What we are announcing is the beginning of that (oil) industry.