The Helvick field is located in Standard Exploration Licence (SEL) 2/07 and is situated some 40km off the south coast of Ireland in 80mt water depth. Providence holds a 72.5% operated interest in SEL 2/07 with partners Atlantic Petroleum (18.3%) and Sosina Exploration (9.2%).
Providence operates its interest in the Helvick field through its special purpose vehicle Exola. UPB is an Aberdeen based business established to pursue the development, construction and deployment of unmanned production systems.
Tony O’Reilly, chief executive of Providence, said: “We are very excited to be working with UPB on assessing whether their unmanned production buoy concept has an application at the Helvick field.
“The successful application of this new technology, combined with the existing well infrastructure in a high oil price environment, could help to unlock the value of Helvick and herald Ireland’s first oil development project.”
