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You are > Home > Corrib Gas spells out the costs and the benefits
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Wednesday, May 07, 2003
Corrib Gas spells out the costs and the benefits
THE development of Corrib is a E800 million project, the second largest inward investment project in Ireland, with up to 500 construction jobs on the terminal and twice that number engaged on the laying of the gas pipeline.
The terminal was due to give employment to fifty people over the lifetime of the gas field, estimated at fifteen to twenty years. There would also be spin off benefits with an increased demand for accommodation, transport and catering services.
“This development will also contribute to the economic and social regeneration of Mayo and the northwest region and to sustainable development of the area,” according to Enterprise Energy Ireland.
“It will act as a catalyst for the extension of the Bord Gáis distribution system to the West of Ireland, facilitate the improvement of the region’s infrastructure. It will also aid the development of an improved electricity supply system and, through the development of gas and fibre optics infrastructure, will stimulate the development of existing and new local businesses.
“Corrib Gas should also help in the economic development of the west of Ireland through the availability of gas to this area, leading to increased industrial investment. In addition, there will be a positive impact on the balance of payments as well as tax payments to the Irish Exchequer.
The company has worked closely with the port in Killybegs, County Donegal on using their facilities during appraisal programmes in relation to the Corrib Field.
The Company used Killybegs as a service port and opened a logistics office during Summer 2000. Contracts for helicopters and supply boats have also been awarded to Irish companies.
In the development of the Corrib gas project there will be a large number of opportunities for Irish companies as part of any onshore pipeline construction and in terms of future servicing of the gas infrastructure once it is in place.
There will also be numerous indirect benefits in terms of employment and services. The exploration industry has spent a total of E1,088 million in this country since 1970. To date, the only confirmed commercial results from these expenditures are in the Kinsale Head Gas Field area.
A Report commissioned by the Irish Offshore Operators’ Association concluded that the oil and gas exploration industry generated substantial contributions to the Irish economy, despite few commercial discoveries.
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