An ESSO drill ship has discovered traces of oil off the south coast of Ireland.
Belief that an oil find forty eight miles south of Cork is significant is causing interest in the industry.
The official word is that an oil show has been located. It's believed the find could be a major one.
Secrecy surrounds the discovery with the Department of Industry and Commerce saying that the discovery is too delicate to talk about. Cork Marathon Petroleum Ireland (Ltd.) maintains radio contact with drill ships and relays the information to a base in London.
Cork County Council has set up a special committee to study the impact of the discovery on the region.
Cork Harbour Manager Liam French talks to RTÉ News about the need for infrastructure at Cork Harbour to manage the discovery. French also speculates about the impact of the discoveries will have on the Cork area.
Managing Director of Verolme, G. Van Der Puil, is not so optimistic about the impact of the finds and believes that the finds are minimal in comparison to the euphoria that has emerged in the industry.
An RTÉ News report from 11 July 1974. The reporter is Tom MacSweeney.