Ireland-focused Providence Resources has failed to find oil on a giant prospect in the offshore Porcupine Basin, marking a disappointing start to drilling in the frontier exploration area. Providence said Friday that preliminary analysis indicated that the Paleocene Druid prospect, where it was targeting prospective resources of 3.2 billion bbl of oil, comprised a porous water-bearing reservoir. The perceived potential offshore Ireland has attracted growing interest in recent years from the majors, including Exxon Mobil, Eni, Statoil and BP through a 2015 licensing round that covered much of the Atlantic Margin on the western coast.
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