Dáil Éireann Debate, Thursday - 31 January 2013
8. Deputy Kevin Humphreys asked the Minister for Communications, Energy and Natural Resources the amount of oil and gas respectively extracted from Ireland and our territorial waters in 2012; the areas from which that extraction occurred; the estimated value of those resources; and if he will make a statement on the matter. [4603/13]
View answerIreland has three producing gas fields. They are the Kinsale, Ballycotton and Seven Heads gas fields, which are located in the Celtic Sea approximately 50km off the Cork coast. Ireland does not have any oil producing fields. In the year to 30 September 2012 total production from all three fields amounted to just under 7.8 billion cubic feet of gas. Approximately, 6.6 billion cubic feet was produced from the Kinsale and Ballycotton gas fields, and just under 1.2 billion cubic feet from the Seven Heads field.
As royalties at a rate of 12.5% are payable in respect of production from both the Kinsale and Ballycotton Fields, my Department receives data on the value of the gas produced from these fields. Based on the data provided, the value of the gas produced from the Kinsale and Ballycotton fields in the year to end September 2012 was €48 million. The Seven Heads gas field came into production after the fiscal terms had been revised and accordingly, royalties do not apply. As a result, while my Department receives data on the volume of gas produced, it does not receive data on the value of that gas.
The only other commercial discovery of oil or gas in the Irish offshore is the Corrib gas field, which is estimated will commence production towards the end of next year. The three gas fields in Kinsale area are nearing depletion and currently supply approximately 5% of Ireland’s gas requirements. It is estimated that the Corrib gas field when in peak production could supply up to 60% of Ireland’s gas requirements.
