Ireland is on the verge of securing revenue from oil that could run into billions of pounds. Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil. The money generated will depend on the market value at the time of extraction and on licensing arrangements. Providence chief executive Tony O'Reilly Jr said this was the beginning of an Irish oil industry. He described it as a huge success story, following decades of exploration around the Irish coast. "The great news today is that Barryroe is on a path towards development," he told BBC Northern Ireland's Good Morning Ulster. Mr O'Reilly said more work needed to be done and issues such as taxation revenue, security of supply and jobs needed to be addressed. But he said: "What we are announcing is the beginning of that (oil) industry. "We hope there is a renaissance of interest by international companies who need to come to Ireland and help us to exploit our natural resources. We cannot do it alone." Mr O'Reilly said the oil recovery rate at Barryroe had exceeded expectations and, with oil at about $100 per barrel (77 euros; £62.5) it offered "a lot of value". He was also swift to reject critics' suggestions that Ireland would have little role in the industry and oil would not be landed there. "We intend to utilise the structure of Ireland. We have been very clear in that regard. It makes good business sense for us. It is mad that we would take it elsewhere," he said.
