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Displaying items by tag: Inishkea West Prospect

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.

Read more in The Western People here

Published in Power From the Sea

Ferry & Car Ferry News The ferry industry on the Irish Sea, is just like any other sector of the shipping industry, in that it is made up of a myriad of ship operators, owners, managers, charterers all contributing to providing a network of routes carried out by a variety of ships designed for different albeit similar purposes.

All this ferry activity involves conventional ferry tonnage, 'ro-pax', where the vessel's primary design is to carry more freight capacity rather than passengers. This is in some cases though, is in complete variance to the fast ferry craft where they carry many more passengers and charging a premium.

In reporting the ferry scene, we examine the constantly changing trends of this sector, as rival ferry operators are competing in an intensive environment, battling out for market share following the fallout of the economic crisis. All this has consequences some immediately felt, while at times, the effects can be drawn out over time, leading to the expense of others, through reduced competition or takeover or even face complete removal from the marketplace, as witnessed in recent years.

Arising from these challenging times, there are of course winners and losers, as exemplified in the trend to run high-speed ferry craft only during the peak-season summer months and on shorter distance routes. In addition, where fastcraft had once dominated the ferry scene, during the heady days from the mid-90's onwards, they have been replaced by recent newcomers in the form of the 'fast ferry' and with increased levels of luxury, yet seeming to form as a cost-effective alternative.

Irish Sea Ferry Routes

Irrespective of the type of vessel deployed on Irish Sea routes (between 2-9 hours), it is the ferry companies that keep the wheels of industry moving as freight vehicles literally (roll-on and roll-off) ships coupled with motoring tourists and the humble 'foot' passenger transported 363 days a year.

As such the exclusive freight-only operators provide important trading routes between Ireland and the UK, where the freight haulage customer is 'king' to generating year-round revenue to the ferry operator. However, custom built tonnage entering service in recent years has exceeded the level of capacity of the Irish Sea in certain quarters of the freight market.

A prime example of the necessity for trade in which we consumers often expect daily, though arguably question how it reached our shores, is the delivery of just in time perishable products to fill our supermarket shelves.

A visual manifestation of this is the arrival every morning and evening into our main ports, where a combination of ferries, ro-pax vessels and fast-craft all descend at the same time. In essence this a marine version to our road-based rush hour traffic going in and out along the commuter belts.

Across the Celtic Sea, the ferry scene coverage is also about those overnight direct ferry routes from Ireland connecting the north-western French ports in Brittany and Normandy.

Due to the seasonality of these routes to Europe, the ferry scene may be in the majority running between February to November, however by no means does this lessen operator competition.

Noting there have been plans over the years to run a direct Irish –Iberian ferry service, which would open up existing and develop new freight markets. Should a direct service open, it would bring new opportunities also for holidaymakers, where Spain is the most visited country in the EU visited by Irish holidaymakers ... heading for the sun!