Providence Resources mulls huge extra reservoir at Barryroe
Providence Resources, the oil and gas explorer working in the North Celtic Sea offshore Ireland, says its Barryroe field could have significantly more oil in place than originally thought.
Providence Resources, the oil and gas explorer working in the North Celtic Sea offshore Ireland, says its Barryroe field could have significantly more oil in place than originally thought.
An analysis of data gathered at two new areas within the field suggests there could be the equivalent of an extra 1.165bn barrels of oil available.
The group's technical director, John O'Sullivan said of the results: "it is very encouraging to have identified this additional resource potential at Barryroe. It is clear that more data are required over these intervals, however, the numbers are potentially material and provide room for significant resource growth in the Barryroe project in the longer term."
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Providence made clear it will continue to focus on bringing its main targets, the Middle and Basal Wealden sands, into production.
The Barryroe project is 80% owned by Providence Resources and 20% by Lansdowne Oil and Gas.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Charitable giving and inheritance tax: 7 tips to avoid complications
Giving some of your estate away to charity can save your family thousands in inheritance tax. But common pitfalls could mean your chosen cause loses out and your loved ones are left with a complex nightmare to unravel. We look at how to do donations right.
-
The UK cities where it’s cheaper to buy a house than rent
For people in some areas of the country, home ownership is a distant dream. But for others it can be surprisingly affordable.