Ireland currently imports approximately 95% of its natural gas needs along with 100% of its oil needs and this has implications for our energy security of supply. With the Kinsale area gas fields nearing end life, the only new indigenous natural gas source in development is the Corrib gas field. Rather than seeking to further delay the commencement of production from the Corrib gas field, it is in Ireland's interest that the development stage would be advanced as production from the field will significantly strengthen Ireland's energy security of supply and will also deliver tax revenue to the Exchequer.
On the wider question of the timing of the exploitation of Ireland's potential oil and gas resources, the reality is that other than the Kinsale area fields and the Corrib gas field, there are no other commercial discoveries of oil or gas in the Irish offshore. It is only through successful exploration that further discoveries will be made and we need an increase in the level of exploration activity if the petroleum potential of the Irish offshore is to be proven.
It is also important to consider that even in the case of successful exploration, there is a very long timeline between the commencement of an exploration programme, the making of a discovery, obtaining development consents and finally the construction phase of a project. In circumstances where no new commercial discovery has been made in the Irish offshore in a decade and a half, the emphasis should be on advancing rather than delaying activity.
