WEST Cork could soon see it’s own mini oil-boom if the latest findings by oil exploration company Providence Resources prove to be true.
The Irish firm, headed by Tony O’Reilly have issued a report on the Barryroe Field in the Celtic Sea which indicates that it could become Ireland’s first commercially viable oil field.
So far the company has only drilled test wells to see if there is potential to bring the oil to the surface in commercial quantities.
Discovered in the 1970s, Barryroe has previously produced oil but not enough to make drilling economical.
Chief executive Tony O’Reilly said, “It is steady as she goes. Today’s news is positive but still the main event is still to happen.”
Analysts believe the Barryroe oil field could be worth as much as $800 million if a viable output of oil can be generated from it.