Oil discovery could attract big business

Ireland is set to become a major focus of large international companies looking for oil, if the initial test flows from Providence Resources appraisal oil well — 50km off the Cork coast — prove to be commercial.

The Irish Examiner has learned that initial test oil flows at the well in the Barryroe licensing block, broke the 1,800 barrels of oil per day (bopd) barrier set by the exploration company as being “commercial”, but a longer test period will be required to determine if this rate of flow can be maintained.

If Providence Resources and its 20% partner, Lansdowne Oil and Gas, become the first to make a commercial find in Irish waters, then it will trigger a significant reappraisal of Ireland as a potential oil provence.