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Providence Resources commences drilling at Porcupine Basin

Peter Hamilton - Irish Times

Drilling of the Druid and Drombeg wells could take between 45 and 60 days

Drilling has commenced at an exploration well operated by Providence Resources in the southern porcupine basin off the south-west coast of Ireland.

Following consent from the Minister of Communications, Climate Action and Environment, Denis Naughton, on Monday, the Stena ‘IceMAX’ deep-water drillship has begun to evaluate the Druid and Drombeg wells. The ‘IceMax’, which can drill down 10,000 metres, has been contracted by Providence at a rate of $185,000 per day.

Providence holds the license along with its partners Cairn Energy and Sosina exploration. Providence has a 56 per cent interest in the project while the latter two have an interest of 30 per cent and 14 per cent respectively.

The Irish headquartered oil exploration company expects drilling at the sites to take between 45 and 60 days. The Druid well has prospective resources of 3.18 billion barrels of oil while the Drombeg well has prospective resources of 1.915 billion barrels of oil.

Posted Date: 
12 July 2017