Europa Oil & Gas has published on the Company's website a third-party report that details the results of a study which calculated the emissions associated with the development of a future 1 TCF indigenous gas discovery on its Irish offshore Licence FEL 4/19. The Report was independently researched and compiled by sustain:able ( https://www.esgable.com/ ), an ISO certified emissions advisory company that specialises in forecasting greenhouse gas emissions associated with the upstream oil and gas industry.
The key findings of the study listed in the Report are as follows:
- the average emissions intensity for Irish offshore Corrib gas is 5 kgCO2e/boe;
- the average emissions intensity for indigenous gas on the Licence is forecast to be 2.8 kgCO2e/boe;
- the average emissions intensity of imported gas from UK is 36 kgCO2e/boe (over 12 times more CO2 than indigenous gas from the Licence); and,
- LNG from the USA would have an emissions intensity of 145 kgCO2e/boe (over 50 times more CO2 than Irish indigenous gas).
The very low emissions associated with the development of a gas discovery on the Licence detailed in the Report are primarily due to the following factors:
- the close proximity of the Licence to the existing Corrib field (Corrib is only c.11km from the Licence);
- gas would be produced through the existing subsea pipeline and facilities located at the Bellanaboy Gas Terminal;
- the quality of the gas and the low levels of impurities associated with the gas;
- the quality of the reservoir anticipated and the forecast initial production rates from wells on the Licence;
- the anticipated size of the gas resource; and,
- the forecast production profiles associated with a gas discovery on the Licence.
Simon Oddie, CEO of Europa, commented:
'This report demonstrates the strategic importance of developing this gas resource, which will not only contribute to Ireland's energy security, in line with the EU's stated goals of diversifying gas supply, but would also lead to significantly reduced emissions during the transition to renewable energy. Production from the Licence would reduce Ireland's absolute emissions associated with imported gas from the UK by over 50%.'
(1) kilograms of carbon dioxide equivalent per barrel of oil equivalent, where 1 barrel of oil equates to 6,000 standard cubic feet of gas.
(2) liquified natural gas
Source: Europa Oil & Gas