As much as one billion barrels of oil have been discovered off the Kerry coastline in Ireland. Petrel Resources has seen its value quadruple after the announcement. To put the find into context, current world consumption of oil is approximately 80 million barrels daily with Ireland consuming about .165 million barrels daily. Despite the oil being 200km away from the mainland and under 1km of rock newer drilling techniques have made previously unaccessible oil-fields more viable. The US is expected to become the worlds largest oil producer thanks to its implementation of these new methods. Exploration licences were sold in … Continue reading Ireland to benefit from big Irish oil discovery near County Kerry