Europa Oil & Gas (Holdings) plc said an independent study showed lower emissions from development of 1 trillion cubic feet gas on its Irish offshore licence than imported gas.
COMPARISONS
The Inishkea prospect within FEL 4/19 in the Slyne basin and near the Corrib field is the company’s flagship project in Ireland.
The report was independently researched and compiled by sustain:able, an ISO certified emissions advisory company specialising in forecasting greenhouse gas emissions in the upstream oil and gas industry.
Europa reported the study’s key findings as the average emissions intensity for Irish offshore Corrib gas is 5 kgCO2e/boe, compared with indigenous gas on the company’s licence forecast to be 2.8 kgCO2e/boe.
The average emissions intensity of imported gas from the UK is 36 kgCO2e/boe, which is more than 12 times CO2 than indigenous gas from FEL 4/19.
Liquified natural gas from the USA would have an emissions intensity of 145 kgCO2e/boe (more than 50 times CO2 than Irish indigenous gas).
QUALITY
Europa added that the forecast low emissions were due to several reasons including the close proximity of the licence, at 11km, to the existing Corrib field.
Additionally, gas would be produced through the existing subsea pipeline and facilities at the Bellanaboy gas terminal.
The quality of the gas and the low levels of impurities associated with the gas would also result in low emissions, as well as the quality of the reservoir anticipated and the forecast initial production rates from wells.
The anticipated size of the gas resource and the forecast production profiles of a gas discovery on the licence are also contributing factors.
ENERGY SECURITY
Chief executive Simon Oddie added that the report demonstrated the strategic importance of developing the gas resource.
“[This] will not only contribute to Ireland’s energy security, in line with the EU’s stated goals of diversifying gas supply, but would also lead to significantly reduced emissions during the transition to renewable energy.
“Production from the licence would reduce Ireland’s absolute emissions associated with imported gas from the UK by over 50%.”