Europa Oil & Gas (Holdings) PLC has released an updated emissions study for its Inishkea West offshore gas project in Ireland, showcasing the prospect's potential to significantly reduce carbon emissions compared to current gas sources. The study, conducted by a third party, was necessitated by adjustments in the project's estimated size and geographical parameters, which have led to improved gas recovery efficiency and a reduction in the number of wells required for development.
The findings indicate that the Inishkea West gas would emit only 2.8 kilograms of CO2 equivalent per barrel, a stark contrast to the 36 kilograms from imported UK gas and even lower than emissions from Ireland's existing domestic gas production. This positions the Inishkea West project as a potentially transformative asset for Ireland's energy landscape, capable of meeting nearly all of the country's domestic gas demand for three years while significantly cutting reliance on higher-emission imports.
William Holland, CEO of Europa Oil & Gas, emphasized the project's alignment with Ireland's energy security and environmental objectives. The next steps involve securing a partnership to advance the project's development, with anticipated economic benefits including substantial tax revenues for the Irish government and the creation of local jobs. For more details on the study, visit https://www.europaoil.com.
This development underscores the importance of domestic energy projects in achieving environmental targets and reducing dependency on imported fuels. The Inishkea West project not only offers a cleaner alternative but also promises to bolster Ireland's energy independence and economic growth.
