Developing Irish Energy for the 21st Century

As we move into the 21st century the issue of energy and energy supply is more important than ever before. Ireland’s strong economic growth in recent years has substantially increased our overall consumption of energy and as the economy continues to grow so does our requirement for energy. In a parallel development, Ireland is fast becoming more and more dependent on imported oil and gas. This is a significant and growing threat to the country’s energy security. Ireland also faces a major challenge in meeting its environmental obligations, whilst at the same time ensuring that measures taken to reduce greenhouse gas emissions have a sound economic footing.

Ireland’s national energy policy must ensure the development of numerous reliable sources of Irish energy. Irish natural gas could have great potential. It could fulfil a large proportion of Ireland’s energy needs for years to come, whilst at the same time contributing to our economic growth and helping us meet our environmental targets.

Ever since Ireland's first offshore well was drilled in the Celtic Sea in 1970, interest in the exploration of oil and gas in Ireland's waters has been sporadic. As the State has opened new areas off the West Coast, the oil and gas industry is again turning its attention to Ireland with greater vigour. In addition, recent discoveries of both oil and gas in the Celtic Sea, while not yet declared commercial, have underscored the potential of this area for the development of relatively small accumulations.

Policy issues related to the Irish offshore industry have been a major topic of debate in Ireland. These debates have frequently been founded on misconceptions regarding individual projects, the fiscal terms offered to exploration companies and the Irish regulatory environment. As a result, the wider issue of efficient and sound energy policies has sometimes been lost.

This document highlights how the development of a strong Irish offshore industry and increased production of Irish natural gas in the years to come could achieve major national, environmental and economic benefits.


Next section: Independent Ireland? - Developing Irish Sources of Energy