Mr Marcus McGowan MSc PgDip BA (Hons)

This Business Education Learning Blog is aimed primarily at Higher Business Management students/teachers and ICT students/teachers.

The aim of this blog is to provide you with interesting articles, news, trivia as well as resources or links to materials which will help in your course of study.

I am a Teacher of Business Education and I have written for Education Scotland and BBC Bitesize.

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Wednesday, 10 October 2012

Ireland set for an oil bonanza

Ireland is on the verge of securing revenue from oil that could run into billions of pounds, this could be a vital boost for the country after its financial woes and problems within the EU.


A joint Irish and UK firm, Providence Resources Plc, has said a site 30 miles off the Cork coast, should yield around 280m barrels of oil.

The money generated will depend on the market value at the time of extraction and on licensing arrangements. Providence chief executive Tony O'Reilly Jr said this was the beginning of an Irish oil industry.

This has followed decades of exploration around the Irish coast, which now seems to have paid off. It remains to be seen if there is any oil to be found off Ireland's Atlantic coast.

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