The Irish Government has revealed new draft laws which could see an increase in the maximum tax on oil and gas fields in the country from 40% to 55%. The reports in the Irish Time said a new petroleum production tax could be cast to ensure that discoveries made under future exploration licences will lead to an increased financial return for the State. The measure has been set out among other new steps in the Finance Bill.
Upstream oil and gas independent Lansdowne Oil & Gas said lower drilling costs in the shallow water off Ireland's southern coast would help the company deliver high value resereves.
Antrim Energy, the Canadian oil and gas explorer has lost its majority partner in the frontier exploration licence (FEL) off Ireland's west coast.
Providence Resources, the Irish exploration company has signed a strategic and incentivised exploration collaboration agreement with Schlumberger.
The UK’s first compressed air energy storage project is to be awarded almost 6.5 million euro (£4.6m) by the European Union. It will hold air in specially engineered salt caverns under high pressure on Northern Ireland’s east coast before releasing it to drive turbines and create power for the grid. The money will pay for environmental impact assessments, planning and design, the Gaelectric firm behind the innovative scheme said. The system could generate up to 330 megawatts of electricity - enough to sustain thousands of homes - for up to six hours and the EU said it will contribute to energy security in the UK and Ireland.
Infrastrata has begun drilling at the Islandmagee-1 salt well in Northern Ireland. Drilling operations at the site are expected to take five weeks and aim to confirm the feasibility of the development of an underground gas storage facility in salt caverns.