Up to 1.6bn barrels of oil off Cork
Predicted levels of oil reserves in the Barryroe Oil field have increased four times since the initial find off the West Cork coast earlier in the year.
Studies carried out in March this year by Providence Resources show that there is between one and 1.6 billion barrels of oil at the oil field, four times as much was originally expected.
The Barryroe oil field is 50 kilometres off the Cork coast.
The data was obtained through six wells drilled using 3D seismic data, existing 2D seismic data, as well as other regional data.
Providence has commenced mapping the newly prospective zones and plans to provide an additional resource update once this work has been completed.
“We are delighted to be in a position to provide such a significant increase in the Barryroe oil in place resources,” said Tony O’Reilly, Chief Executive of Providence.
“The subsurface mapping and geological modeling results have confirmed that the Barryroe structure covers a very large area, and comprises four distinct hydrocarbon bearing reservoir zones.”
“It is clear from these studies that Barryroe is a substantial oil accumulation across multiple stacked horizons with much running room for further resource growth.”
Mr O’Reilly also suggested that the resource potential could contain material hydrocarbon at deeper reservoir intervals. Data examinations on the field in the 1970s which were much lower have been credited to mechanical failure.