Providence to complete Barryroe review by end of year

Successful development would secure indigenous oil and gas supply for Ireland

Providence Resources assessment of the development potential of its Barryroe field asset will be complete by the fourth quarter of the year, the company said on Wednesday.

The company’s full strategic review of Barryroe includes independently evaluated assessments of the field’s development scenarios and their potential.

"It is widely recognised that gas will be an essential energy supply for decades to come, in order to underpin and complement the growth of renewable energy sources," said Providence Resources chief executive Alan Linn. "With the decline of the Corrib Gas Field within a five-year period, we are focused on progressing our strategic plan for Barryroe as a matter of urgency.

"The successful development of Barryroe would secure an indigenous oil and gas supply for Ireland, without which 100 per cent of Ireland's gas will be imported by 2031.

"At a time when much of Europe is experiencing difficulties with energy supply, a coherent transition strategy is critical to avoid the prospect of energy blackouts becoming a common occurrence."

Providence said profit for the first half of the year rose to €1.6 million, which the company attributed the rise to a non-cash accounting gain in relation to the warrants revaluation, which saw a €3.15 million net revaluation gain.

The loss for the equivalent period a year earlier was €9.25 million, which had included a €7.764 million net revaluation loss.

Operating losses for the six months were €1.065 million, largely in line with the previous year’s figure of €1.063 million.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist