Irish oil hopes over a barrel
Earlier predictions of an oil bonanza now look overblown, writes Fearghal O’Connor
A dramatic fall in oil prices threatens to leave ambitious dreams of large finds of oil off the Irish coast unrealised, according to industry analysts.
As the industry retrenches worldwide, earlier predictions of a bonanza are being replaced with a simple question: even if Irish oil does exist beneath the waves, will anyone in the current environment be prepared to pay to bring it to the surface?
Hopes of commercial oil production reached a crescendo...
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