Providence Resources has begun its Ulysees Project, a study to evaluate the carbon sequestration and natural gas storage potential of the Kish Bank Basin, offshore Ireland.
The study is being carried out on a 50/50 joint venture basis with Star Energy Group and comes after the pair were recently awarded a three year Licensing Option over eight blocks in the Kish Bank Basin.
Providence said the agreed work program will focus on the oil and gas exploration potential of the basin while the Ulysees project will specifically assess the potential for underground saline reservoirs in the Kish Bank Basin to be used as sites for CO2 sequestration as well as natural gas storage.
Tony O’Reilly, Chief Executive of Providence, said, “Providence has been evaluating various gas storage opportunities together with Star Energy since both companies entered into the Irish Gas Storage Memorandum of Understanding (MOU), as part of the Singleton transaction which was completed in 2007.
“The Ulysees Project is the first of these opportunities that Providence and Star Energy have agreed to proceed with and is particularly exciting for Providence given its proximity to the city of Dublin, with its large carbon footprint.”