In total, Ireland has 1.5 million tons of oil reserves, with about a third of them located overseas, the report said.
However, the oil reserves are not the biggest problem in regards to Brexit from the Irish point of view. The border issue has become a "stumbling block" for Brexit, as a majority of voters in Northern Ireland voted to remain in the European Union.
Britain’s withdrawal from the bloc could create complications for the free movement of goods and workers between the Republic of Ireland and the UK’s Northern Ireland, returning a "hard" border between the two — something that might be considered to be a potential violation of the 1998 Good Friday Agreement, which ended decade long conflict on the island.
READ MORE: 'Dangerous and Impractical': Brexit Secretary Slammed for Ireland Border Plans
London has been in talks with Brussels on how to avoid a “hard” Irish border, with the Democratic Unionist Party (DUP) reportedly stating that it wants the region to be treated like the rest of the United Kingdom.