Exploration company Providence says its new subsidiary Eirgas has secured an option to buy 40 per cent of the Kinsale Head area assets in the Celtic Sea from Petronas.This would give the company a stake in Kinsale Head, South West Kinsale and the Ballycotton gas fields as well as an 86.5 per cent interest in the gas producing Seven Head field, reports businessworld.ie.
Providence says the move will see its daily production rate double to over 4,000 barrels of oil equivalent per day.
