Oil and gas company looks to acquire

IRISH oil and gas company Providence Resources aims to lift production over the next two years to 2,000 barrels a day from 140 at present by means of acquisitions, its chief executive said yesterday.

Tony O’Reilly Junior said: “We’re looking at various oil production acquisition activities. In the short term, I’d look to do about 2,000 barrels of oil or gas equivalent a day.”

Providence’s main business is in oil and gas exploration rather than production. Mr O’Reilly said the aim of any acquisitions would be to generate internal cash-flow by investing in production.