Providence buys majority share in English oil field for €16.4m

DUBLIN-BASED oil and gas exploration company, Providence Resources, has purchased a majority share in the potentially lucrative Singleton Oil Field in the south of England for $22 million (€16.4m).

The company, headed up by Tony O’Reilly Jr, already owned a 20% stake in the onshore oil field but has now acquired the 79.1% majority share owned by the field’s operator, Star Energy Group.

The purchase means Providence now controls just over 99% of Singleton, with the remainder controlled by Oklahoma-based, Noble Resources.