Providence says Barryroe oil field could be four times bigger than first estimated

The Barryroe oil field could be four times larger than initially thought and contain anything between 1bn and 1.6bn barrels of oil.

The results of the much-anticipated “oil-in-place” survey, published yesterday, were even better than Providence Resources expected. The company owns 80% of the field, which lies 50km off the Cork coast in the Celtic Sea.

The company will now map newly prospective zones that the survey has outlined to gauge how much oil can be retrieved.