Providence Resources is progressing Farm out discussions with SpotOn Energy on Exploration Licence SEL1/11, which includes the Barryroe oil and gas field.

Map source: KeyFacts Energy

SpotOn Energy has confirmed that the necessary documentation is now in place to permit details of the consortium members to be shared publicly.

On finalisation of the Farmout agreement, SpotOn Energy will manage the Barryroe development programme, working with its consortium, to provide innovative project management and deliver value for all partners.

The “Blue Chip” consortium comprises industry service and supply companies with excellent technical and operational credentials, and extensive experience undertaking projects similar in nature to the Barryroe field, which is a shallow water conventional development.

The composition of the Consortium is as follows:

• SpotOn Energy
• Schlumberger
• AGR
• Maersk Drilling
• Keppel FELS
• Aibel AS

Commenting today, Alan Linn CEO of Providence Resources said:
“The companies working in the consortium with SpotOn Energy have all worked in the services industry for many years and have established reputations for excellence. Bringing them together into a consortium, focussed upon maximising the value of the Barryroe project is an excellent beginning for the Barryroe development.

Providence is now working closely with the SpotOn Energy Team to assess the optimum appraisal and development work programme for the Barryroe oil and gas field. When agreed, the work programme will form the basis upon which commercial and funding arrangements are finalised.

We are looking forward to building a close relationship with the consortium and progressing the development of the Barryroe oil and gas field.

Providence supports the government’s drive for a Carbon Neutral economy by 2050. Several of the companies within the consortium also have established track records supporting renewable technology development and deployment. We will be encouraging the consortium members to identify additional investment opportunities within Ireland where their expertise can be deployed in support of the development of a carbon neutral economy.

When fully developed, we believe, the Barryroe Field, producing indigenous oil and gas, can support energy security and stability in Ireland for many years to come.”

KeyFacts Energy:   Providence Resources Ireland country profile   l   SpotOn Energy Ireland country profile

KeyFacts Energy Industry Directory:   AGR   l   Schlumberger   l   Aker Solutions   l   Maersk Drilling   l   Keppel   l   Aibel