Friday, March 16, 2012

Major oil discovery made off the coast of Ireland

There will be cause for more celebration than ever on St Patrick’s Day this weekend after a major oil find off the coast of Ireland.

It is the first time that a commercially viable offshore source of oil has been struck there and the discovery is being likened to ‘winning the lottery’.

Exploration company Providence Resources announced the find off the coast of Cork today.

The Barryroe well is more than 300ft deep and is producing 3,514 barrels of high-quality oil a day - twice the rate initially hoped for.

The well also produces 2.93 million standard cubic feet of gas each day.

The black gold discovery is a timely find for Ireland, which is facing the need for a second bailout to boost its ailing economy. Read More