Providence clinches €139m deal to start developing Barryroe field in late 2022

Pictured is a rig at the Barryroe oil field in the early years of the development in 2012. File picture: Finbarr O'Rourke

Providence Resources has finally clinched a long-anticipated deal that it says will see the start of the development of the Barryroe oil field 50km off the south coast, in late 2022.

Under the so-called farm-out deal, the company said a group of Norwegian-led developers, SpotOn, will pay "a minimum" of $166m (€139m) to develop Barryroe in return for half of the field's future production.