Gas field 3 times bigger than expected

PROVIDENCE Resources has said its Dragon gas discovery off the south-east coast could be three times bigger than initially thought.

The Dublin-headquartered oil and gas exploration company, which is shortly due to commence the biggest drilling campaign in Irish waters, said yesterday that tentative results from new technical third party seismic studies suggest the St George’s Channel-based discovery could actually measure up to 300 billion standard cubic feet, rather than the initially forecast 100bn standard cubic feet.

That measurement equates to an increase in total reserve potential from about 16 million barrels of oil equivalent to 50m barrels of oil equivalent.