Natural gas is Ireland’s most important export industry and Ireland is home to some of the world’s biggest natural gas reserves.
The Irish Government has invested €1.6bn in the industry since 2011, and the country is ranked third in terms of natural gas production in the European Union.
Ireland is the country with the largest proven natural gas deposits, and its proven reserves are enough to supply nearly two million homes, and potentially three million more.
Natural gas exploration is growing and the Irish Government is taking action to ensure the country’s gas supply is protected and secure.
Here are our top five natural gas players.1.
Ireland’s gas producer The Irish Republic has around 1.2 billion cubic metres of proven gas, or about one third of the global total.
Ireland has a proven gas field of approximately 1,100 km2, which includes a gas field in the North West of the country.
Ireland also has two natural gas fields, one located in the South West of Ireland and one in the Mid West.2.
Ireland needs gas The country relies on the United Kingdom and France to supply it with natural gas.
The UK is the largest gas producer in Europe, but Ireland’s natural gas supplies are largely supplied from the United States.
Ireland relies on these two countries to supply about 40% of its natural gas needs.3.
Ireland will never have enough gas to meet its needs, and natural gas exploration will never be economically viable, says Ireland’s Minister for Energy, Environment and Natural Resources, Mairtin O’Rourke.4.
Natural Gas Investment Ireland has invested in over 20 projects, including:The Irish Republic’s gas producers are listed on the European Energy Exchange (EEX) listing.
Ireland was ranked in the top 10 countries in terms in terms cost of gas exploration, with an estimated value of approximately €9.5bn.
Natural resources minister Mairin O’Reilly told The Irish News that this investment would give Ireland a better chance of securing its gas supplies in the future.5.
Ireland cannot meet its gas needs on its own The Irish Natural Gas Association says that if it were to meet the countrys gas needs alone, it would need to spend approximately €6bn over the next 25 years to get to the 2020 target.
This would require a major expansion of Ireland’s energy infrastructure, and would increase Ireland’s reliance on foreign gas suppliers.
The Natural Gas Agency says that it will continue to invest in the Irish natural gas sector, but that it does not expect natural gas prices to rise much in the coming years, and that the current economic climate does not make it economically viable to invest this amount of money in Ireland.
This article originally appeared on The Irish Independent and is reproduced with permission.