WEST Cork could be set for a massive oil boom following the latest revelations from oil exploration company Providence Resources which estimates the Barryroe Oil Field is four times bigger than originally thought.
Following extensive testing, Providence now say that there could be a massive 1.6 billion barrels of oil in the field which lies 50km off the West Cork coast.
Test drilling in March suggested that the field was likely to be commercially viable and further tests have also shown that the field may also contain significant quantities of commercially viable gas.
Providence CEO Tony O’Reilly said, “We are delighted to be in a position to provide such a significant increase in the Barryroe oil in place resources.
“It is clear that Barryroe is a substantial oil accumulation across multiple stacked horizons with much running room for further resource growth.”