Friday 15 February 2019

Irish oil and gas sector could create over 1,500 jobs annually – report

A single oil find in the Irish offshore could create up to 1,200 jobs annually and provide revenue of up to €8.5bn in corporation tax. Stock image
A single oil find in the Irish offshore could create up to 1,200 jobs annually and provide revenue of up to €8.5bn in corporation tax. Stock image
Ellie Donnelly

Ellie Donnelly

The Irish offshore oil and gas sector could create as many as 1,500 jobs a year, according to a report from PwC commissioned by the Irish Offshore Operators’ Association (IOOA).

The report found that a single oil find in the Irish offshore could create up to 1,200 jobs annually and provide revenue of up to €8.5bn in corporation tax.

Meanwhile a single gas find could create up to 380 jobs per year, and provide tax revenue of €2.4bn in corporation tax over the respective project production periods.

Production periods are assumed to span two decades.

In addition, the report says the development of indigenous oil and gas resources in Ireland would  deliver carbon emissions benefits.

Gas in electricity generation is 67pc less carbon intensive than peat and 61pc less intensive than coal.

Similarly, oil is 33pc less carbon intensive than peat and 20pc less than coal.

As Brexit looms, Ireland’s energy security remains vulnerable, with 100pc of all of our oil and 31pc of all our gas imported, primarily through the UK.

In turn the UK is dependent on increasing imported energy from the European Union, Norway and Russia.

The potential cost of a total blackout in Ireland for a day is estimated at €850m, according to the report.

"Developing indigenous offshore oil and gas resources can reduce import costs and carbon emissions and provide cleaner fuel sources for Ireland," Professor Pat Shannon, chairman of the IOOA, said.

"It will secure our supply, generate significant amounts of revenue and create high-value jobs, particularly in the south and west. The oil and gas industry is actively investing in Ireland and is committed to collaborating on our collective energy future."

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