Providence Resources is an

Irish Irish may refer to: Common meanings * Someone or something of, from, or related to: ** Ireland, an island situated off the north-western coast of continental Europe ***Éire, Irish language name for the isle ** Northern Ireland, a constituent unit ...

oil and gas exploration company. It is listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

and the

Irish Stock Exchange Euronext Dublin (formerly The Irish Stock Exchange, ISE; ga, Stocmhalartán na hÉireann) is Ireland's main stock exchange, and has been in existence since 1793. The Euronext Dublin lists debt and fund securities and is used as a European g ...

. Its primary activities are the exploration and development of hydrocarbons offshore

Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...

and the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

. The predecessor to Providence, Atlantic Resources, was formed in 1981 by a group led by

Tony O'Reilly Sir Anthony Joseph Francis O'Reilly (born 7 May 1936) is an Irish former businessman and international rugby union player. He is known for his involvement in the Independent News & Media Group, which he led from 1973 to 2009,Dublin, Ireland, ...

Tony O'Reilly, Junior St. John Anthony O'Reilly, generally Tony O'Reilly, Junior (born 1966 in Dublin) is a businessman with Irish and Australian citizenship, the third son and sixth child of former Heinz Chairman & CEO and Irish media magnate Tony O'Reilly and Aus ...

was CEO of Providence from 2005 to 2019.

Projects

Providence drilled

's first commercially-viable

oil well An oil well is a drillhole boring in Earth that is designed to bring petroleum oil hydrocarbons to the surface. Usually some natural gas is released as associated petroleum gas along with the oil. A well that is designed to produce only gas may ...

at the

Barryroe ''Barryroe'' is an undeveloped oil and gas field discovered in the Atlantic ocean due south of County Cork, Ireland. Close to the exhausted Kinsale Head gas field The Kinsale Head gas field is a depleted offshore natural gas field in the Cel ...

field in 2012. The exploratory well far exceeded expectations with an initial flow rate of 3,500 bpd. Barryroe is situated approximately 50 km south of the

Cork Cork or CORK may refer to: Materials * Cork (material), an impermeable buoyant plant product ** Cork (plug), a cylindrical or conical object used to seal a container ***Wine cork Places Ireland * Cork (city) ** Metropolitan Cork, also known as G ...

coast at a 100m water depth and an independent audit in April 2013 estimated that Barryroe holds in excess of 1.6 billion barrels of oil, of which 346 million barrels equivalent is recoverable. , company is still appraising the field and is seeking farmout partners to begin development. In 2015, Providence planned to drill an appraisal well at Spanish Point of the west Irish coast along with partners

Cairn Energy Capricorn Energy PLC (previously Cairn Energy PLC) is a British oil and gas exploration and development company and is listed on the London Stock Exchange. Capricorn has discovered and extracted oil and gas in a variety of locations around the ...

(38%),

Chrysaor In Greek mythology, Chrysaor ( el, Χρυσάωρ, ''Chrysáor'', ''gen''.: Χρυσάορος, ''Chrysáoros''; English translation: "he who has a golden sword" rom χρυσός, "golden" and ἄορ, "sword", was the brother of the winged ho ...

(26%) and Sosina (4%). Drilling was delayed to 2017 and then to an indefinite time later, subject to the licence being extended to allow this. In 2016 Providence announced a plan to drill at the Druid and Drombeg prospects south-west of Ireland, and in contracting a drilling operation to begin in June 2017. The 2017 Druid well contained only water. Providence is a partner (26.8% stake) in the Dunquin oil field in the

Porcupine Basin The Porcupine Seabight or Porcupine Basin is a deep-water oceanic basin located on the continental margin in the northeastern portion of the Atlantic Ocean. It can be found in the southwestern offshore portion of Ireland and is part of a series o ...

, along with operator Eni,

Repsol Repsol S.A.
El Nuevo Herald, 2012-05-31Originally an init ...

, and Sosina.

ExxonMobil ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, ...

was previously a major partner and operator but exited the project after drilling an unsuccessful well at Dunquin North in 2013.

References

{{reflist Companies listed on Euronext Dublin Oil companies of the Republic of Ireland