A pot of oil at the end of the rainbow

Ireland’s first commercially viable oil well is flowing at double the amount previous estimates suggested, according to the oil and gas firm which operates it. Providence Resources announced its successful […]

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By Vicky Ellis

Ireland’s first commercially viable oil well is flowing at double the amount previous estimates suggested, according to the oil and gas firm which operates it.

Providence Resources announced its successful tests at the well in the North Celtic Sea Basin off the coast of southern Ireland, brought up 4,000 barrels of oil equivalent a day.

The well is one of six around Ireland which the Irish-based firm and its partners have put $500 million into investigating.

Tony O’Reilly, CEO of Providence said: “We are pleased to report flow rates of 3,514 BOPD (barrels of oil per day) which materially exceed our stated pre-drill target of 1,800 BOPD.”

He added the well has also confirmed the oils are of “a very high quality.”