Providence Names Barryroe Partners, Operator
Irish Providence Resources announced July 31 new partners for Standard Exploration Licence 1/11 which includes the Barryroe oil and gasfield. The farm-out agreement has not yet been finalised.
CEO Alan Linn said: "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.”
SpotOn Energy will manage the Barryroe development, a shallow water conventional development, the other members being oilfield services companies.
SpotOn Energy says it offers “a new approach to cost effective offshore oil and gas field development.” And the consortium’s “alignment of interest is intended to keep down development costs by agreeing deferred payment terms for the project and including the consortium in equity returns from production.”
Oilfield services companies Schlumberger, Aker Solutions, AGR, Maersk Drilling. Keppel FELS, Aibel are other members.
Linn said bringing the companies together into a consortium, focused upon maximising the value of the Barryroe project. was "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," he said. "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."