🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

Europa Oil & Gas report highlights domestic Irish gas' significantly lower environmental impact

Published 22/04/2024, 11:32
© Reuters.  Europa Oil & Gas report highlights domestic Irish gas' significantly lower environmental impact
NG
-

Proactive Investors - Europa Oil & Gas Holdings (LON:EOG) has published an updated emissions study for its envisaged Irish offshore gas project, Inishkea West.

The report, assessing the company’s offshore licence FEL 4/19, highlights significant environmental benefits of producing natural gas domestically from Inishkea compared to imported gas.

The study was conducted by environmental consultant sustain:able, which highlighted reduced emissions forecast for indigenous gas from the prospective Inishkea West site compared to current imports to Ireland from the UK and other sources.

It claims that gas produced from Inishkea West could drastically cut Ireland's reliance on higher-emission imported gas - for example, it says that indigenous gas from the licence is expected to emit only 2.8 kgCO2e/boe compared to 36 kgCO2/boe for UK imported gas in 2022.

Europa is currently undertaking a farm-out process which seeks to bring into the venture a partner to support project funding.

"This updated emissions report reinforces the importance of the gas resource at Inishkea West, which has the potential to not only eradicate the need for higher emissions intensity gas imports from the UK for up to 3 years, but also a discovery would help Ireland meet its carbon emission reduction targets,” Europa chief executive Will Holland said in a statement.

“A discovery at Inishkea West could provide security of gas supply for Ireland during the transition to renewable energy, which is in line with the EU's stated goals for diversity of gas supply."

Holland added: “FEL 4/19 contains the large 1.5 TCF low-risk Inishkea West gas prospect where, given the proximity to existing infrastructure, a discovery could be brought online quickly providing domestic gas with, as this report demonstrates, significantly lower emissions intensity than imported gas from the UK, Norway or further afield.

“We are now in the process of progressing FEL 4/19 to drilling, which requires us to attract additional partners to this highly prospective licence."

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.