100% of Ireland’s Oil imported – 50% gas arrives via the UK
8th April 2019 – Ireland needs to focus on security of energy supply and seek new, indigenous energy sources – particularly oil and gas – in the face of ongoing political volatility, the Irish Offshore Operators’ Association (IOOA) has said.
IOOA, the representative member organisation for the Irish offshore exploration sector, made the assertion as it published its latest analysis of Ireland’s energy landscape. Carried out against the backdrop of ongoing political uncertainty caused by Brexit, IOOA’s analysis, based on existing statistical sources, shows that oil and gas account for 78% of Ireland’s total primary energy requirements, with 100% of our oil requirements imported and 50% of our gas arriving here via the UK .
IOOA’s analysis shows that any disruption to the Russian gas supply could result in a 22.9% increase in gas prices and a 15.5% increase in electricity prices. It is therefore vital that Ireland continues to explore for indigenous oil and gas sources, as part of an overall energy mix that includes oil, gas, renewables and is transitioning towards low-carbon in the longer term.
Commenting on the analysis, Mandy Johnston, CEO, the Irish Offshore Operators’ Association (IOOA), said: “These figures underline the importance for Ireland to secure our energy supply and to develop indigenous energy sources. Energy security is especially important in light of ongoing uncertainty about the UK’s departure from the European Union, after which Ireland would potentially have no direct energy link to the European Union. Therefore, as we continue to move towards low-carbon and work together to address climate change, it remains vital that Ireland keeps security of supply to the fore – indigenous sources are the best way of securing our own energy, as well as creating jobs and supporting the local economy.”
IOOA’s analysis also shows that the overwhelming majority of the public believes that Ireland needs to protect itself from any negative impacts arising from Brexit, with 82% of respondents to its recent public perception study supporting the need for Ireland to sustain energy prices and to develop its own indigenous energy resources .
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