Estimated 2.4 billion barrels of oil at site

Waters directly underneath the 1,500m-deep Kinsale Gas Field, in the Celtic Sea, could contain nearly 2.4 billion barrels of oil, according to latest estimates.

The numbers would suggest that the area — known as the Deep Kinsale Licence — has the potential to outrank the nearby Barryroe field, discovered by Providence Resources, last year, as Ireland’s largest offshore oil find.

The updated information follows the completion of a 3D seismic study of 500 sq km in the area, delivered “significantly under budget” by Dublin-based exploration company, Fastnet Oil & Gas.