It has been known for more than 20 years that there is oil beneath Irish waters. But until today nobody has claimed to be able to extract it.

Providence Resources, an Irish and UK listed company, has confirmed it expects to recover 280 million barrels, worth £17bn. That is from just one of six sites it is exploring - the Barryroe oil field - off the Cork coast.

Tony O'Reilly, the company's chief executive, told Today programme business presenter Simon Jack that the find is "hopefully the renaissance of Irish offshore".

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