Europa Oil & Gas says updated emissions study reinforces the case for Inishkea West project
London, UK
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April 23, 2024 09:26 AM Eastern Daylight Time
Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland discusses an updated emissions study for its envisaged Irish offshore gas project in an interview with Proactive's Stephen Gunnion.
Holland said the third-party report reassesses the emissions from the Inishkea West prospect. The report was necessary due to changes in the prospect's estimated size and its geographical adjustments, which suggest improved gas recovery efficiency and reduced well numbers needed for development.
The study compares the emissions from Inishkea West gas, found to be significantly lower than both domestically produced and imported gas currently used in Ireland. Specifically, Inishkea West gas would produce 2.8 kilograms of CO2 equivalent per barrel, much less than the 36 kilograms from imported UK gas and even lower than Ireland’s existing domestic production. This positions Inishkea West as a potentially major contributor to Ireland’s energy security, capable of satisfying nearly all of the country’s domestic gas demand for three years and significantly reducing reliance on higher-emission imports.
Furthermore, Holland outlined the next steps for the project, including securing a partnership for further development. He emphasised the economic benefits expected from the project, including substantial tax contributions to the Irish government and local job creation.
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