The owners of Ireland’s only natural gas field are looking at ways of extending its life into the next decade.
Vermillion and Nephin Energy, shareholders in the Corrib gas field off the Mayo coast, believe that it could continue producing the fuel well into the next decade with substantial extra investment.
The field was expected to run out of gas early in the 2030s, leaving the country entirely dependent on imports for its most important energy source.
Improving the Co Mayo terminal’s existing technology could lengthen the field’s life, while there are hopes that there are other reserves nearby that could also be exploited.
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Vermillion and Nephin said on Tuesday that they are studying the feasibility of extending Corrib’s life and developing a renewable energy hub at the north Co Mayo site.
“The Corrib infrastructure has the potential to deliver a safe, secure source of energy for decades to come,” the firms said in a statement.
The owners are also exploring how the site can be used to exploit opportunities offered by offshore wind and possibly green hydrogen.
Developed for €3.6 billion, Corrib is the country’s sole homegrown source of gas, providing 30 per cent of what is consumed here. Fuel from the field emits far less carbon dioxide than imports.
Natural gas is used to generate around half of Irish electricity needs. It is also used to heat homes and by industrial and commercial customers.
The owners said they would complete the feasibility studies and consult with stakeholders.
