Europa Oil and Gas has almost doubled its estimate for how much gas could be contained at its Inishkea West project, located off the North Mayo coast.

As The Western People reports, Europa Oil & Gas said in a recent stock market update that seismic survey work had indicated the Inishkea West site could potentially hold up to 1.55 trillion cubic feet (TCF) of gas.

This is 92 per cent more than the company’s previous estimate. It also means the site may be potentially larger than the Corrib gas field, which is currently in production and is Ireland’s only indigenous source of natural gas supply.

The company holds one exploration licence off Ireland, which has two principal prospects, the largest being Inishkea West.

The company describes it as “a near field gas prospect in the Slyne Basin”, which it classifies as “lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure”

In a statement, the company said it would now apply to the Irish government for an extension of its exploration licence at the Inishkea site to complete further survey work and to find a “suitable partner” to commence drilling at the gas field.

The company’s chief executive, Will Holland, said Vermillion (the Corrib operator), said we could use their facilities if we get a find, which means they could produce from Corrib longer, as it would be more economically viable for them,” Mr Holland added.

Europa had previously found a partner in a “national oil company from the Far East” in 2019 to help develop the project, chairman Briain Ó Cathain told The Irish Times earlier this year. However, that group withdrew due to concerns about a decision by Government last year to ban new oil and gas exploration licences.

Read more in The Western People here