"The government has relinquished control over the offshore areas of our industry. Norway was tough regarding oil companies from the start. You now have an almost embarrassingly large pension fund. The situation for Irish communities, however, is as in Ogoniland in Nigeria - oil is a curse,”
New tests suggest that the Barryroe oil discovery off the Cork coast could deliver oil at “significantly higher production rates” than was previously modelled, according to Providence Resources.
The company’s share price jumped 3 per cent as new tests predicted that the discovery is likely to produce “significant production rates.”
A comprehensive programme of post-drill studies is continuing in order to better define the Barryroe oil in place resource and potential recoverable reserves. The first of these studies was undertaken In early May, according to the Irish oil and gas exploration and production company, which is the operator and 80 per cent owner of the prospect.
“These figures now confirm the magnitude of that productivity potential and clearly demonstrate that the Barryroe basal sands could potentially deliver oil at significantly higher production rates than was previously modelled,” said Providence in a statement.