Europa 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”).
The Report wasindependently 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.
The key findings of the study listed in the Report are as follows:
• the average operational life-of-field emissions intensity for the Corrib gas field is 5.3
kgCO2e/boe1
;
• the average operational life-of-field emissions intensity for indigenous gas on the Licence is
forecast to be 2.8 kgCO2e/boe;
• the weighted average carbon intensity of imported gas into Ireland from the UK during 2022
is estimated to be 36 kgCO2/boe2
(estimated to be over 12 times more CO2 than indigenous
gas from the Licence);
• LNG3 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 gasfrom the Licence),
and,
• 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 SEAI4 demand
predictions) and therefore to dramatically reduce associated emissions.
The very low emissions associated with the development of a gas discovery at Inishkea West detailed
in the report are primarily due to the following factors:
• the close proximity of Inishkea West to the existing Corrib field (Corrib is adjacent to the
Licence and Inishkea West is only c.18km from the Corrib infrastructure);
• gas would be produced through the existing subsea pipeline and facilities located at the
Bellanaboy Gas Terminal;
• the quality of the gas and the low levels of impurities associated with the gas;
• the quality of the reservoir anticipated and the forecast initial production rates from Inishkea
West wells;
• the anticipated size of the gas resource; and
• the forecast production profiles associated with a gas discovery on the Licence.
Will Holland, Chief Executive Officer of Europa, said:
“This updated emissions report reinforces the importance of the gas resource at Inishkea West, which
has the potential to not only eradicate the need for higher emissions intensity gas imports from the UK
for up to 3 years, but also a discovery would help Ireland meet its carbon emission reduction targets.
A discovery at Inishkea West could provide security of gas supply for Ireland during the transition to
renewable energy, which is in line with the EU’s stated goals for diversity of gas supply.
FEL 4/19 contains the large 1.5 TCF low risk Inishkea West gas prospect where, given the proximity to
existing infrastructure, a discovery could be brought online quickly providing domestic gas with, as this
report demonstrates, significantly lower emissions intensity than imported gas from the UK, Norway
or further afield.
We are now in the process of progressing FEL 4/19 to drilling, which requires us to attract additional
partners to this highly prospective licence.”