THE movers and shakers of our fledgling oil industry are small by any standards.

An updated technical study of the Drombeg exploration prospect off the west coast — which is 80% owned by Providence Resources — suggests that the field is larger and of more significance than initially thought.

OIL and gas exploration company Providence Resources has formally committed to drilling next year at its high-profile Spanish Point/Main Porcupine Basin assets off the west coast of Ireland.

PROVIDENCE Resources has agreed a deal with the Shell International Trading & Shipping Company relating to the sale of future oil produced from two of its assets in the Celtic Sea.

PROVIDENCE Resources has farmed out an initial 25% stake in its Nemo “heavy oil” discovery in the Celtic Sea to London-based company Nautical, with an option for the British company to increase that share to 65% and assume operator status, by the end of next year.

IRISH oil and gas exploration company Providence Resources has confirmed that drilling will take place at the highly rated Dunquin prospect, which is situated off the south-west coast of the country. The date has yet to be specified.

MINISTER for Communications, Energy and Natural Resources Eamon Ryan yesterday announced the awarding of the four oil and gas exploration licences in the Porcupine Basin area off the west coast of Ireland, initially put out to tender last year.

PROVIDENCE Resources has taken delivery of the Petrolia semi-submersible drilling rig from Island Oil & Gas in anticipation of its upcoming appraisal drilling programme at the Hook Head prospect in the Celtic Sea.

TWO new licences were granted yesterday for exploration in major gas fields around 100km off the west coast.