Oil Investment News - Large oil discovery in Ireland is good news for the North East

THE discovery of huge oil reserves in Ireland could bring a serious boost to the North East’s fast-growing oil services industry.

The region is looking for opportunities after Irish offshore exploration company Providence Resources this week announced estimates of up to 2.8 billion barrels of recoverable oil 30 miles off the Cork coast.

NOF Energy, the organisation representing more than 200 North East firms in the oil and gas sector shore renewables, believes the find will encourage significant investment in the area, which will require the support of established and robust supply chains.

Chief executive George Rafferty said: “The continued importance of oil and gas to the North East economy is undeniable and this significant discovery in Ireland demonstrates that this is an industry that is definitely of the here and now.

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“This discovery will encourage investment by UK companies, because Ireland offers generous tax breaks for oil and gas firms.

“This will have considerable benefits for the North East as operators will look to established and experienced suppliers who can support cost-effective and safe oil and gas recovery.”

The North East oil services industry has grown strongly over the last 30 years, and has become the UK choice of oil businesses after Aberdeen and, indeed, increasingly the main choice, as Scotland’s oil capital’s market is overcrowded. Around 70% of oil and gas platforms worldwide were built in this region and growth in the sector here is expected to create tens of thousands of jobs over the next 20 years.

Source: nebusiness.co.uk/ to read the full and original story click here

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