The oil that was discovered off Hook Head is likely to be brought ashore this summer some 40 years after it was first uncovered by Marathon Oil in 1971.
Technology used in oil exploration and recovery is much more advanced today than it was when the oil was first discovered making the Waterford find more economically viable.
Last week, Providence Resources plc, the Irish oil and gas exploration and production company, confirmed that it had signed a Memorandum of Agreement with Shell International Trading and Shipping Company Limited to negotiate an ‘oil off take sale and purchase
