Oil discovery off coast of Ireland holds 1 billion barrells

Guardian:
Ireland's first offshore oilfield contains more than 1bn barrels of oil, an exploration company drilling off the County Cork coast has announced.
Providence Resources said Wednesday's results, which show that there could be up to 1.6bn barrels in the oilfield at Barryroe, far exceeded their previous projections.
The company said oil rigs could be operational off the southern Irish coastline within three years.
Tony O'Reilly, its chief executive, said the volume found in the Irish Sea could become as important to Ireland as the North Sea has been for the UK economy.
At present Ireland imports 100% of its oil – a quarter of which is refined not far from Barryroe.
... 
Good for Ireland.  This also demonstrates the utter idiocy of the Obama-Salazar approach to offshore drilling where they try to strangle domestic production.  There is no justification for a policy that restricts offshore drilling on federal control sites.  Not drilling in the name of cutting dependency on foreign oil is an approach that has not worked and will not work..

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