Displaying items by tag: Inishkea West Prospect

4th October 2023

Europa Oil & Gas Inishkea West Prospect Could Be "Bigger Than Corrib"

Europa Oil and Gas has almost doubled its estimate for how much gas could be contained at its Inishkea West project, located off the North Mayo coast.

As The Western People reports, Europa Oil & Gas said in a recent stock market update that seismic survey work had indicated the Inishkea West site could potentially hold up to 1.55 trillion cubic feet (TCF) of gas.

This is 92 per cent more than the company’s previous estimate. It also means the site may be potentially larger than the Corrib gas field, which is currently in production and is Ireland’s only indigenous source of natural gas supply.

The company holds one exploration licence off Ireland, which has two principal prospects, the largest being Inishkea West.

The company describes it as “a near field gas prospect in the Slyne Basin”, which it classifies as “lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure”

In a statement, the company said it would now apply to the Irish government for an extension of its exploration licence at the Inishkea site to complete further survey work and to find a “suitable partner” to commence drilling at the gas field.

The company’s chief executive, Will Holland, said Vermillion (the Corrib operator), said we could use their facilities if we get a find, which means they could produce from Corrib longer, as it would be more economically viable for them,” Mr Holland added.

Europa had previously found a partner in a “national oil company from the Far East” in 2019 to help develop the project, chairman Briain Ó Cathain told The Irish Times earlier this year. However, that group withdrew due to concerns about a decision by Government last year to ban new oil and gas exploration licences.

Offshore wind

ESB know the importance of offshore wind in tackling climate change and delivering net zero. Ireland has a unique capability given its prime location to take advantage of the potential of offshore wind. ESB are working hard to develop offshore wind projects for the benefit of everyone across society in Ireland and the UK. This includes ongoing engagement with marine users and local communities so ESB can deliver these significant projects.

Offshore wind will play a major role globally in our fight against climate change. It will help to replace energy generated by burning fossil fuels with that from a clean, safe and secure renewable energy source. Ireland’s geographic location on the exposed edge of the Atlantic presents us with a significant opportunity to generate electricity from wind – both offshore and onshore.

Power from onshore wind farms currently provide over one-third of Ireland’s electricity needs. But, whilst its marine area is many times the size of its landmass, Ireland’s offshore wind potential is only starting to be realised. ESB have a coastline stretching over 3,000km but only one operational offshore wind farm – Arklow Bank, with a capacity of 25 MW. In contrast, Belgium’s coastline is only 63km long, but it has already developed more than 2,000 MW of offshore wind. In Great Britain, with a coastline four times the length of ours, offshore wind generation now equates to over 440 Arklow Banks, with an installed capacity of 11,0000 MW as of late 2021.

The Irish Government's target to install 5,000 MW of offshore wind capacity in our maritime area by 2030 is set out in the Climate Action Plan 2021. It also has the objective to source 80% of Ireland’s electricity needs from renewables by the same year. In line with this, ESB is applying its professional and proven engineering expertise to the challenges set within the Climate Action Plan.

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