The Minister for the Marine and Natural Resources, Mr Fahey, today announced the approval of development plans for a gas field off the coast of Co Mayo.
Investors Enterprise Ireland and the Corrib Group will now begin work at the Continental Shelf, off the west coast.
The infrastructure comprises a gas export line that travels from the field, via a landfall at Dooncarton on the Mayo coast, to a gas reception terminal 9 kilometres inland, near Bellanaboy Bridge, Co Mayo.
The Corrib gas field was discovered in 1996, the first gas discovery to be developed off the west coast. It is in the Slyne Basin, 65 kilometres from the nearest coastline at the Mullet Peninsula, Co Mayo.
Mr Fahey said the development would "benefit Ireland as a whole by providing a reliable, secure and indigenous source of gas". He said the project would also contribute to the economic and social regeneration of Mayo and the north-west region.
The Minister also said his approval of the project was subject to an agreement by the Corrib Group to meet the best international standards with regard to safety and the environment.
The commercial production by company First Gas, due to begin in January 2004, will be dependent on the "satisfactory completion of the development work and the fulfillment of all conditions", he said.
The gas field will also provide additional supplies to the National Grid of over 850 billion cubic feet during its projected life of 15 to 20 years.