Ryan refuses to give green light for massive oil and gas field off Cork Coast

The Barryroe oil and gas field has been a highly controversial project with environmentalists strongly opposing drilling

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Plans to further develop and exploit the Barryroe oil and gas field - some 50kms off the Cork Coast - have been knocked back by the Government in a move that will delight environmentalists who have opposed new drilling from the start.

With the Kinsale Gas Field now out of commission - the new oil and gas reserves in the Celtic Sea - were said to have the potential to turn 'Cork into the Saudi Arabia of Northern Europe'.

However, with Cork fast becomming a global hub for renewable energy and massive wind power projects underway along our almost 1,000km coast, there were strong arguments against developing new offshore fossil fuel reserves at a time when the EU is pushing countries to decarbonise and switch to green energy.

Shares in the company which had been hoping to develop the new field - Barryroe Offshore Energy - lost almost half their value in London earlier today as the news of the Irish Government's decision became known.

The company confirmed over the weekend that Minister for the Environment, Climate and Communications Eamon Ryan has told them he will not be granting a so-called lease undertaking to continue exploration.

It's taken two years for the decision to be made and it signals a devestating blow to the company which had big plans for the fossil fuel reserves off our coast.

The Green Party leader and Minister for the Environment told Barryroe that he was not satisfied with the "financial capability of the applicants".

This was despite one of Ireland's richest men - beef barron Larry Goodman - stepping in with a €40 million funding backstop in December to further boost the credibilty of the plan to exploit the oil and gas there.

This is not the end for the project - or others planned by competing oil and gas exploration companies in the potentially rich Celtic Sea. Barryroe have said they are considering their response to the Minister's ruling.

However, it does represent a major set-back for plans to drill in the Celtic Sea - and will be hailed by climate and environment campaigners.