The new boss at Providence Resources, Alan Linn, said he’s confident in the potential of the Barryroe well off the Cork coast, as he seeks to secure an “attractive partner,” despite the huge setbacks faced by the oil company last year.
BP’s head of downstream — or oil refining and processing — operations Tufan Erginbilgic will step down next month after six years in the job, the company said, becoming the latest top executive to leave as Bernard Looney takes over as CEO.
British exploration company Europa Oil and Gas is in talks with a number of potential development partners for its offshore Ireland assets despite an unnamed oil major, which was in pole position, walking away from the process.
Tullow Oil shares plummeted by more than 27% to a 21-year low after the Irish-founded exploration company said production from flagship projects in Ghana has disappointed and that it will reassess the commercial viability of recent discoveries made in South America.
Crude oil prices are likely to remain steady around current levels, as growing macro uncertainties, rising US output, and large availability of core Opec nations’ spare capacity will offset supply constraints from Iran and Venezuela, according to Goldman Sachs.