Business
Updated Irish Licence Emissions Report
Updated Irish Licence Emissions Report.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n\n \nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n22 April 2024\n \nEuropa Oil & Gas (Holdings) plc\n(\"Europa\" or the \"Company\")\n \nUpdated Irish Licence Emissions Report\n \nEuropa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West Africa focused oil and gas exploration, development and production company, announces that it has published on the Company's website a third-party report (the \"Report\") that details the results of an updated study which calculated the expected emissions associated with the development of a future 1 TCF indigenous gas discovery on Europa's Irish offshore licence FEL 4/19 (the \"Licence\").\n \nThe Report was independently researched and compiled by sustain:able (https://www.esgable.com/), an ISO certified emissions advisory company that specialises in forecasting greenhouse gas emissions associated with the upstream oil and gas industry, and is an update to the prior sustain:able report published by the Company on 7 March 2023. The Report was commissioned following the recently redefined 1.5 TCF Inishkea West prospect by Europa, which was a result of a remapping exercise of the prospects on the Licence following the reprocessing of the existing seismic data, and the 2022 emissions data recently published by the UK government.\n \nThe key findings of the study listed in the Report are as follows:\n· the average operational life-of-field emissions intensity for the Corrib gas field is 5.3 kgCO2e/boe[1];\n· the average operational life-of-field emissions intensity for indigenous gas on the Licence is forecast to be 2.8 kgCO2e/boe;\n· the weighted average carbon intensity of imported gas into Ireland from the UK during 2022 is estimated to be 36 kgCO2/boe[2] (estimated to be over 12 times more CO2 than indigenous gas from the Licence);\n· LNG[3] accounted for 26.7% of UK imported gas during 2022 with a weighted average carbon intensity of 78 kgCO2/boe (over 27 times more CO2 than Irish indigenous gas from the Licence), and,\n· the projected production from Inishkea West has the potential to almost eliminate the need for gas imports from the UK in 2030 through to the end of 2032 (based on SEAI[4] demand predictions) and the...