Hook Head oil - Good news

THOUGH as yet to be finally copper-fastened, the news that up to 70 million barrels of oil have been discovered off the south-east coast is just the fillip to lift the country’s spirits in the early days of winter.

Experts believe that a reservoir of about 70m barrels has been identified and at today’s prices — $78 a barrel — we are talking about figures in the region of €4 billion.

It must be emphasised that details remain to be finalised and that it will take at least three years to get the oil out of the ground.