Europa Oil & Gas (Holdings) plc said that its FEL 4/19 licence, containing the large low risk, Inishkea gas prospect, would remain live until the Irish Government rules notifies otherwise.
LICENCE TERMS
On 7 August 2019, Europa announced the award of FEL 4/19 which is valid for 15 years and divided into four phases, the first of which ends on 31 July 2022.
After completing the work commitments for the first phase, the operator applied in March 2022 to Department of the Environment, Climate and Communications (DECC) for an extension to the first phase.
This is to conduct further technical studies and allow more time to secure a farm out of the licence.
Europa added that the application remained live and under review, pending a decision from DECC.
LOW CARBON
Chief executive Simon Oddie said that the licence was a strategic asset, a potential reliable source of low emission energy for Ireland and could play a key role in the transition to renewable green power.
“Gas from the Corrib field, adjacent to the Inishkea prospect, is one of the lowest carbon-intensity gases in Europe, much lower than long distance pipeline gas from Norway, the UK or the Russian gas piped to Europe.
“Given that Ireland will continue to require gas into the foreseeable future, having recently agreed plans to build new gas-powered electricity plants, it makes sense to keep this potentially valuable source of indigenous gas available.
“We therefore hope that the requested licence extension will be granted as soon as possible, which will allow the company to carry out further technical studies and seek a project partner.”