Businessman Larry Goodman’s family continues to harbour an ambition for the Barryroe oil and gas prospect off the coast of Co Cork to be developed, two years after rescuing the company that held the licence before it was allowed to lapse by the previous government.
Goodman family companies acquired Barryroe Offshore Energy (BOE) from examinership in late 2023, after agreeing to inject as much as €6.35 million into the company, which ran into financial trouble after then minister for the environment Eamon Ryan refused to grant a permit for its key Barryroe oil project. This resulted in its exploration licence, initially granted in 2011, lapsing.
While a rescue bid by the now 88-year-old beef tycoon centred on the possibility that the explorer could move its focus to green energy projects, Barryroe’s annual financial statement for 2024 shows that he still has an ambition to develop the field.
“In the period [since Barryroe exited examinership], the principle focus continued to be on the Barryroe oil and gasfield,” said the company, which was recently renamed as Barryroe Transition Energy. “The company has sought to promote the case for the granting of a consent to carry out further exploration works at the field, as the company believes that there is a strong and compelling case to do so.”
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The company traces its roots back to 1981, when businessman Anthony O’Reilly and a group of investors set up Atlantic Resources to pursue opportunities at a time of heightened speculation about oil and gas resources off Irish shores.
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Barryroe – which was also known as Providence Resources for years – burned through more than €270 million of cash raised from share placings in the 12 years before it ended up in examinership. The Barryroe field was the last remaining exploration hope. The prospect, 50km off the Cork coast, was found in 2012 to have more than 300 million barrels of oil as well as gas resources. The company saw three development partnership deals fall through over the period.
“Ireland is at a critical juncture in its energy transition journey,” said Barryroe in the financial statement, highlighting that the last government’s 2023 climate action plan acknowledged that oil and gas remain essential components of the country’s energy supply until at least 2050, when net-zero carbon emissions are targeted.
“Despite ambitious climate targets, Ireland remains heavily reliant on fossil fuels and is one of the most energy import-dependent nations in the EU.”
It noted that 83 per cent of Ireland’s energy came from fossil fuels in 2023, and 82 per cent of energy was imported.
In 2023, 65.3 per cent of crude oil imported came from the United States, followed by 21.6 per cent from Azerbaijan, and 8.8 per cent from Norway, according to data from the Sustainable Energy Authority of Ireland.
“The import dependency introduces significant risks, including supply-side vulnerabilities, limited domestic infrastructure, and exposure to volatile international markets.”
