Member Article

Oil discovery opens opportunities for North East businesses

Oil discovered off the coast of Ireland is believed to hold significant opportunities for North East companies, according to business support firm NOF Energy.

Between 1.8bn and 2.8bn barrels of oil could be recovered from Barryroe field, which is south of the Republic of Ireland, after Irish exploration firm, Providence Resources, discovered the oil pocket.

NOF energy believes the find will bring investment into the North East region and benefit established supply chains in the area.

The business support provider represents over 200 oil and gas industry companies, and these firms generate the majority of NOF Energy’s £2.5bn annual turnover.

The region is home to 70% of all oil and gas platforms and has been intrinsic to the industry worldwide since the discovery of North Sea resources in the 1960s.

North East gas and oil companies are the biggest employers in the UK industry, and 15% of all workers for the sector are based in the region.

George Rafferty, Chief Executive of NOF Energy, said: “The continued importance of oil & 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.

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

“The economic benefit oil & gas brings to the area, thanks to the excellent companies operating from the region, cannot be underestimated and will continue to be significant for some years to come.”

This was posted in Bdaily's Members' News section by Miranda Dobson .