Displaying items by tag: Tony O'Reilly Jr
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.
