Barryroe development could take until 2020

First oil flow from the much-anticipated Barryroe field in the Celtic Sea may not occur until the end of this decade, according to analysts.

Providence Resources confirmed on Monday that agreement has been reached, in principle, regarding a long-awaited ‘farm-in’ deal at Barryroe, which will introduce additional development investment and potentially halve the Tony O’Reilly Jr-led firm’s 80% stake in the asset.

However, conclusion of the deal with the as-yet unnamed partner relies upon said suitor raising the required level of financing. This could delay overall development of Barryroe, according to analysts.