The Corrib gas field off the Mayo coast has been declared commercially viable. This is only the second significant gas find off Ireland's coastline - the first came with the discovery of gas off Kinsale in 1973.
With the Ballycotton/Kinsale gas supplies running low, it is hoped the Mayo gas will be brought ashore in two years' time. The gas field is expected to have a life of about 15 years.
The Corrib Gas Field lies in 350 metres of water in the Atlantic ocean, about 40 miles off the north Mayo coast.
The exploration company, Enterprise Energy, has applied to the Minister for the Marine and Natural Resources, Mr Fahey, for a petroleum licence.