Ireland set to become oil producer

Ireland may have discovered its first commercially viable oil well, 70km off the coast of southern Ireland.

Providence Resources, operator of the Barryroe Well, reported today that it had found twice the amount of oil needed to hit the commercial target threshold. The company reported flow rates of nearly 3,500 barrels of oil per day, exceeding the target of 1,800.

“The well has also confirmed that the basal sands are laterally continuous, highly productive, and that the oils are of a very high quality,” said Tony O’Reilly, chief executive officer of Providence.

Providence said this is the first well in a multi-well drilling programme. The company is now looking to investors to help exploit the well and surrounding field, saying that more oil resources may be found offshore Ireland.

Despite these optimistic figures, Ireland’s commercial oil would remain small compared to other oil-producing countries.