The developers behind a giant oil field off the Irish coast have confirmed they are in talks with potential partners for the project.
Media reports in Ireland claimed Providence, which is looking to develop the Barryroe field in the Irish Sea, was closing in on a £180million farm-out deal for the project.
Now Providence has confirmed talks are ongoing with potential partners over the field.
“Providence can confirm that it is in commercial discussions with a number of interested third parties in relation to the Barryroe asset,” the company said in a statement.
“The nature of these discussions involve the evaluation of the field on a phased development basis, with plans to established an early production phase,e to be followed by further phases of field appraisal and development.”
But the company warned that there was ‘no certainty’ of a deal being reached over the 350million barrels of oil field, which would still require approval from Irish regulators.
The field, around 50 miles off the Irish coast, was originally found in the mid-1970s but was uncommercial at the time. New extraction techniques have opened up the prospect for development.
Earlier this year Providence was given an extension to the licence, increasing its footprint by a further 180 square km, as it looks to establish the full scale of the field.
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