Providence gets Baltimore licence

IRISH oil exploration company Providence Resources has secured a licence for the Baltimore heavy oil discovery in block 48/19 in the North Celtic Sea Basin off Ireland’s coast.

The block is situated about 30 kilometres off the south coast of Ireland in about 100 metres of water. The group says the well could have a potential to produce 300 million barrels of oil.

Though technically challenging, the Baltimore oil accumulation deserves further review given the current sustained higher oil pricing environment.