Providence focused on developing Cork oil resource after extending losses to more than €9m

Company is focused on developing oil field off the Cork coast

Wed, 30 Sep, 2020 - 08:36

Alan Healy

Oil and gas explorer Providence Resources recorded losses of more than €9m in the six months to the end of June.

The loss includes €7.7m in financing expenses and compares with a €5.5m loss for the same period last year

The company's CEO Alan Linn said Providence was now focused upon progressing the development of the Barryroe oil and gas field off the Cork coast. Barryroe holds 346 million barrels of oil and Providence and is in discussions with Norwegian firm SpotOn Energy to develop the resource.

"Barryroe is one of the largest undeveloped offshore oil and gas fields in Europe and is unquestionably the core asset in our portfolio," Linn said.

"In 2020 Ireland will import 100% of its oil and approximately 70% of its gas requirements. Providence Resources considers the Barryroe development to be a project of national importance which, when approved and commissioned, will make a significant contribution to the Irish economy and exchequer and bring direct long-term financial benefits and employment to Cork and surrounding areas," he added.