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Ireland

Video

Video: Shell flaring from Corrib gas plant described as ‘frightening’ by residents

Flaring by oil major Shell from its Corrib gas plant was met with concern by residents in Mayo just a couple of days after the company announced first gas. Last month it was announced natural gas had started to flow from the Corrib field in Ireland after final approval was confirmed by the Government. Shell had sent a text message to residents who had subscribed to the alert system.

Oil & Gas

Statoil welcomes first gas from Corrib field

Statoil has welcomed first gas from the Corrib field after the Irish Government gave oil major Shell and its partners the final go-ahead. The Norwegian operator said the output from the Corrib field would be an important addition to Statoil’s international production portfolio. It comes after the Minister for Communication, Energy and Natural Resources gave consent for the pipeline, subject to 20 conditions related to environmental management, operation, control and monitoring.

Oil & Gas

Providence Resources to sell Spanish Point stake

Providence Resources said it has begun a farm-out process to divest as much as 32% of its share in a licence off the west coast of Ireland. The company said the move was in relation to its Spanish Point licence in the north Porcupine basin. It includes Frontier Exploration Licence (FEL) 2/04 and 4/08 in which Providence holds a 58% equity interest and which are operated by Capricorn Ireland Limited.

Oil & Gas

Europa estimates $7billion un-risked value offshore Ireland

Europa Oil & Gas said an independent assessment carried out on three prospects has estimated an un-risked net present value (NPV) of around $7billion. The company said the estimate was made on three prospects on the Frontier exploration licence in the Porcupine basin, offshore Ireland. It was also found on a risked NPV basis, there was a 100% working interest of $1.1billion.

Oil & Gas

Irish Government could increase maximum tax on oil and gas fields

The Irish Government has revealed new draft laws which could see an increase in the maximum tax on oil and gas fields in the country from 40% to 55%. The reports in the Irish Time said a new petroleum production tax could be cast to ensure that discoveries made under future exploration licences will lead to an increased financial return for the State. The measure has been set out among other new steps in the Finance Bill.

Other News

Gaelectric compressed air project to get £6.5million grant

The UK’s first compressed air energy storage project is to be awarded almost 6.5 million euro (£4.6m) by the European Union. It will hold air in specially engineered salt caverns under high pressure on Northern Ireland’s east coast before releasing it to drive turbines and create power for the grid. The money will pay for environmental impact assessments, planning and design, the Gaelectric firm behind the innovative scheme said. The system could generate up to 330 megawatts of electricity - enough to sustain thousands of homes - for up to six hours and the EU said it will contribute to energy security in the UK and Ireland.