Barryroe could be producing oil in ‘within 3-4 years’

First oil production from the Barryroe oil field, off the coast of Cork, could start within “three to four years”, according to its majority shareholder, Providence Resources.

Providence’s chief executive Tony O’Reilly jr told shareholders at the company’s AGM in Dublin yesterday that Barryroe — which has an estimated 1bn-1.6bn barrels of oil in place with 300m barrels of recoverable oil — was still “several years” away from first oil actually being brought to shore.

However, he was more specific after the meeting, saying the high-profile asset could be producing within three to four years.