Providence Resources P.l.c. , (‘Providence’), through its wholly owned subsidiary EIRGAS Limited (‘EIRGAS’), announces that it has completed the first phase of the AMEC conceptual development study for the ULYSSES salt cavern gas storage project in the Kish Bank Basin, offshore eastern Ireland.
The ULYSSES Project, which commenced in 2008, assessed the natural gas storage and carbon sequestration potential of the Kish Bank Basin, offshore Dublin. The initial phase of this new study, carried out by AMEC plc, which included planning, capacity modeling, infrastructural integration and gas sourcing has confirmed that the construction of an offshore natural gas salt cavern storage facility at the ULYSSES location is both economically and technically feasible. A number of scenarios have been developed which have an associated range in capacity, off-take export rates and capital expenditure. Detailed technical data relating to the subsurface geology, which will be acquired through the drilling of the Dalkey Island exploration prospect, will also assist with the advancement of this project.
Speaking today, John O’Sullivan, Technical Director of Providence, said:
“The initial results from the AMEC ULYSSES study are very encouraging as they provide a range of potential project sizes and development concepts which could be built to meet market requirements. In outline, if developed, ULYSSES could deliver c. 50% of Ireland’s storage capacity as set out in EU directives through one dedicated offshore facility whilst also providing security of supply through the cold winter months. Having now established both the technical and economic potential of ULYSSES, we will now move to refine the future development plans, including the all important sub-surface technical parameters, and we will continue to advance discussions with potential users and partners.”
About Providence
Providence Resources Plc is an independent oil and gas exploration company listed on the AIM market in London and on Dublin’s IEX market. Providence’s active oil and gas portfolio includes interests in Ireland (offshore), the United Kingdom (onshore and offshore), the United States (offshore) and West Africa (offshore Nigeria). Providence’s portfolio is balanced between production, appraisal and exploration assets, as well as being diversified geographically.
About the ULYSSES Project
The Undersea Large-scale Saline Sequestration and Enhanced Storage (or ULYSSES) Project was designed to assess the potential use of Triassic aged saline sandstone reservoir sequences as possible sites for natural gas and carbon sequestration storage. The presence of saline reservoirs which are located c. 1.5 km below the seabed together with overlying sealing shale has been demonstrated in a number of oil and gas exploration wells which have been drilled in the Kish Bank Basin over the past c. 30 years. The project area is located approximately 20 km offshore Dublin.
*Photo:Kish Lighthouse, seen from a ferry heading for Dublin Port, with the Wicklow Mountains in the background.
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Source:Providence, January 11, 2011