Oil and gas set for €500m cash boost
In an article in the Irish Examiner, Paul Griffiths talks about the energy supply implications of Brexit and how encouraging indigenous gas exploration and development provides for security of supply.
The UK is currently part of the larger EU energy market. However, there is no absolute guarantee that this market relationship will function in the same way after Brexit, should trade tariffs be re-introduced as a result of political bargaining.
The reality is that Ireland imported over 85% of its energy needs in 2014. By 2019, it will need to import over 350 million cubic feet per day of gas from the UK via the gas interconnector.
Gas production from the Corrib gas field is forecast to be declining by 2019, coinciding with the possible execution of Brexit.
Read the full article in the Irish Examiner