Oil found off the coast of Cork means Ireland could become filthy rich

Ireland could become an oil-rich nation in the next two years, well according to some experts who were discussing the matter yesterday. How? Well, apparently there’s a load of oil off the coast of Cork. In fact, it seems like we’ve hit the jackpot…

The Irish Daily Mirror reports that regular tests in the Barryroe oil well, located just off the coast of Cork, have confirmed that yes, there is a load of oil out there. Great news. Do you know what’s even better? The amount of oil under the sea is continuing to exceed expectations.

Providence Resources, the gas and oil company that has been researching the oil levels in the area, has said that the flow of oil can be estimated at around 1,800 barrels a day – in short, that’s a LOT of oil.

“With commercial success, the benefits for Ireland include more foreign direct investment, and with no state support or subsidies, and with a tax take double that of other industries,” said a spokesman for the Providence Resource firm.

“The tax take for national resources is 25 per cent – this means the banks will benefit from increased profit,” he added.

Forget about the banks. What will it do for the rest of us? If this find is marketed in the right way, Ireland’s economy could see a massive boost – something that all of us will benefit from in some way or another. We’re not fussy, as long as the employment levels go up and wages stop getting cut we’ll be happy like.

As of yet, there are no firm plans for oil drilling to begin, but according to reports there are high hopes that work on the area could begin as early as 2014.

“While our shareholders are paramount in our mind, we also hope that our success will be a catalyst for investment in Ireland Inc.,” said Tony O’Reilly Jnr, the chief executive of Providence.

“We have made no secret that our company has always invested in Ireland. We think this field can have great ancillary benefits for the Irish economy,” he added.

Mr O’Reilly also stated that the oil find will be a great opportunity when it comes to creating more employment in Ireland, as well as promoting greater levels of commercial success.

“Importantly, it should also herald a renaissance of the Irish offshore industry, thereby attracting more international investment. This will allow further exploration activities which will hopefully lead to more commercial success,” said Mr O’Reilly.

So we could be sitting near a goldmine. We wonder if there’s oil hiding anywhere else? Maybe we should start drilling outside the office and find out…