“Ireland seems to be preparing to cash in on its own black gold off the Cork coast,” writes Editor Denis Foynes.
“Tony O’Reilly Jr., Ireland’s chief executive, reports that the Providence Resources’ Barryroe field, 30 miles offshore the country’s west coast, should yield 280-million barrels of recoverable oil. He calls it the ‘beginning of an Irish oil industry.’
“Ireland would take 25% of all profits, rising to 40%, depending on the volume extracted. While 280-million barrels of oil seems small compared with the 3-billion barrels discovered off the coast of Norway in 2010, 25% of potentially billions would be a nice boost to the cash-strapped country.
“It’s worth noting, though, that this country has never successfully extracted a drop of oil in the past…”