The owners of the Corrib gas field in Co Mayo said the field can produce into the mid-2030s and beyond, subject to substantial additional investment in the existing infrastructure.
Vermilion and Nephin Energy said the Corrib infrastructure actually has the potential to deliver a safe, secure source of energy for decades to come.
To this end, Vermilion and Nephin Energy today announced the start of feasibility studies to develop a sustainable energy plan for their facility in North Mayo.
Options are also being evaluated for a renewable energy hub at the site to complement the existing gas output from the Corrib Gas field.
The Corrib natural gas field currently provides about 30% of the country's annual natural gas requirement.
Its owners also noted that the natural gas produced from Corrib has a world-class low emission profile, substantially lower than the emission profile of imported natural gas.
The Corrib license is held between Vermilion (20%) Nephin Energy (43.5%) and Equinor (36.5%).
In November 2021, Vermilion agreed a deal to buy Equinor Energy Ireland's interest in Corrib and this transaction is expected to close during the second half of 2022.
The Corrib gas field is currently the only indigenous source of natural gas being produced in Ireland.
The gas is produced through a subsea facility and is brought to shore through an 83 km pipeline to the Bellanaboy Bridge gas terminal (BBGT) and from there it enters the national gas grid.
The subsea production system, combined with the short distance to the national grid, means that the gas has an extremely low emission intensity which is at least four times lower than imported gas.
Vermilion and Nephin Energy said today that they were excited about Corrib's future and the contribution it can make to Ireland's energy transition and the achievement of the country's climate action targets.
