Oil and gas exploration firm Providence Resources said today it has identified a possible location for natural gas storage off the coast of Dublin.
The company has been carrying out a study to investigate sites for offshore natural gas salt cavern development, similar to those recently proposed for development in the Lough Larne area in Northern Ireland.
The basin has the potential to be used for carbon storage, with a possible capacity of about 270 million tonnes.
Chief executive Tony O'Reilly said the study had revealed several "notable geological structures" that it would investigate further.
"Through the Ulysses study, the Kish Bank Basin has confirmed our earlier view that its geology could be suitable for potential natural gas salt cavern storage and carbon sequestration projects," he said.
"Given the location of this basin, close to the city of Dublin, we believe that any potential gas storage development in the basin will be highly competitive given its geographic proximity."
