Irish based oil and gas company Providence Resources has signed a farm-out deal for a 50% working interest in the Barryroe Oil and Gas Field with SpotOn Energy, the Norwegian based resources company partnering with a Consortium of international service providers to fund, develop and produce the Barryroe oil and gas field.
Barryroe, located around 50 km off the south coast of Ireland in shallow water (around 100 meters water-depth) is one of the largest undeveloped oil and gas discoveries offshore Europe. Fully developed the field is expected to support energy security in Ireland and the government’s commitment to a carbon neutral Economy by 2050.
SpotOn Energy and its consortium will fund 100% of the Early Development Programme (EDP) and the full field development. The EDP, which includes four wells and floating production facilities, is designed to both appraise and produce The Barryroe Field, generating the technical data required to optimise the full field development programme.
The SpotOn consortium of service providers comprises the experience and expertise to move ahead with the Barryroe project with a target campaign start in late 2022.
SpotOn, which will become the operator of the block, with its consortium of leading oilfield services providers, fund a 100% of the early development program costs and the full field development.
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