Providence locates potential gas storage site
Irish oil and gas company Providence Resources believes a subsea area off the coast of Dublin could be able to store vast amounts of natural gas and up to 270 million tonnes of carbon.
The firm said yesterday that following continuing evaluation of a site in the Kish Bank Basin in the Irish Sea, a location has now been identified which may be suitable for offshore natural gas sale cavern development, similar to that recently proposed for development in the Lough Larne area of Northern Ireland.
The project evaluating Kish Bank Basin, dubbed 'Ulysses', is being undertaken by a wholly-owned subsidiary of Providence, Eirgas.
Providence chief executive Tony O'Reilly said that given the location of the Kish Basin close to Dublin city, any potential gas storage development would be "highly competitive".
This week Providence Resources also said that following a re-evaluation of old seismic data, it believes it may have identified a potential drilling target in the Kish Bank Basin that could contain as much as 870 million barrels of oil. Providence owns 50pc of that prospect, with Star Energy, owned by Malaysia's state-controlled Petronas oil company, holding the remainder.
That prospect, known as the Dalkey Island Prospect, was first drilled in the 1970s by Amoco and subsequently by Ennex.