Displaying items by tag: Tony O'Reilly Jr

16th March 2012

Oil Strike Success Off Cork Coast Could Be Worth Billions

#COASTAL NOTES - Providence Resources has struck big off the south coast of Cork with an oil flow that could be worth billions of euro to the beleaguered Irish economy.

According to the Guardian, the Dublin-based company announced yesterday that oil had started to flow successfully from its Barryroe structure in the north Celtic Sea at nearly twice the rate previously projected.

Providence Resources CEO Tony O'Reilly Jr said the discovery was a "seminal day for Ireland, especially in the runup to St Patrick's Day."

Last month the firm had confirmed the presence of light oil with its first appraisal well at the site, a situation described by its technical director as "extremely encouraging".

Now that a steady flow has been achieved, future extraction from the oil field - comparable to a medium-to-large North Sea field - can surely proceed, which now puts pressure on the Government to grand permission for further exploration around the Irish coast.

As previously reported on Afloat.ie, plans by Providence Rescources to prospect for oil on the east coast off Dalkey Island have been met with fierce opposition by mainland residents and environmental groups.

The Guardian has much more on the story HERE.

Published in Coastal Notes

Tagged under

About Foyle Port

Foyle Port, located in the North West region of Northern Ireland, is estimated to handle around 2 million tonnes of cargo per year, with a trade value of approximately £1 billion. The port plays a crucial role in facilitating the import of essential agri-products, supporting around 20,000 farms in the region, as well as various local business sectors such as fuel/oil and construction industries. The organisation supports an estimated 1000 direct and indirect jobs.

Originally located in the bustling heart of Derry City, the Commissioners relocated the port to its current deep-water location at Lisahally in 1993. The terminal boasts an impressive 440 metres of quay and can accommodate large vessels of up to 62,000 DWT. Foyle Port is primarily a bulk port and a significant importer of essential commodities such as oil, coal, animal feed, fertiliser, and plywood, all of which are vital for the North West rural region.

Since 2003, the organisation has experienced significant growth, doubling both turnover and profit and attracting approximately £100 million of inward investment to the region. This investment has supported projects, including a fertiliser plant, an oil tank farm, and a biomass power station.

Established by Act of Parliament in 1854, the Londonderry Port & Harbour Commissioners is an independent statutory authority with a duty to develop, maintain and operate to the highest standards of efficiency, financial prudence, environmental awareness, safety, and security. The Port is independent of the Government and is self-financing. All financial surpluses are reinvested in the business for the benefit of future generations of stakeholders.