Providence oil prospect may hold 12bn barrels

An assessment of one of the Irish exploration prospects in which French oil ‘super-major’ Total has invested has returned an initial resource estimate of around 12bn barrels of oil equivalent.

Irish explorer Providence Resources last month sold a 50% working interest in the Avalon prospect off the west coast to Total E&P Ireland, the French oil major’s Irish subsidiary. Scottish firm Cairn Energy has also agreed a 20% stake option at Avalon, with Providence’s interest set to fall from 40% to 24%.

Both Total and Cairn have also invested in Providence’s Druid-Drombeg prospect, also off the west coast, which holds an estimated 5bn barrels and at which drilling activity began last week.