Gas discovery could meet energy needs for next 40 years

A Canadian energy company has said it has made a gas discovery in the West of Ireland capable of meeting the country’s energy needs for the next 40 years.

Tamboran Resources — which is headquartered in Calgary and has a significant presence in southern Africa and Australia — was awarded a two-year onshore exploration licensing option in Co Leitrim last March.

This gave it a window up to March 2013 to carry out exploration studies in the area.

The company, which has also been awarded an exploration licence across the border in Co Fermanagh, will now return to the Department of Communications, Energy and Natural Resources next year to apply for a full drilling licence.

According to Tamboran’s chief executive, Richard Moorman, the findings from the feasibility study represent a potential “energy and economic game-changer for Ireland”.

“Our initial analysis suggests very substantial shale gas reserves in the north Leitrim area. Allowing for even modest rates of recovery, the energy and economic benefits would be tremendous,” he said.

Those benefits include Ireland’s security of energy supply being safe for approximately 40 years. Tamboran is hoping to begin drilling in Leitrim by 2014, with a view to reaching commercial production a few years after that.

The company is also proposing to invest up to €7bn in Ireland — its first venture into the European energy market — and create up to 3,000 jobs — 600 of which would be permanent positions.

Tamboran is due to publish its full findings from the feasibility study by the end of this year, adding that it has “very high confidence” that it can commercially develop this project.

Mr Moorman added: “In recent months we have met with — and listened to — a wide range of stakeholders at community, business, regulatory and political levels.

“We will establish a substantial community investment fund to ensure all benefits are shared at local, as well as national, level. We consider it essential to deliver a direct benefit for local residents.”