Providence provided an update on its gas storage evaluation activities in the Kish Bank Basin, offshore eastern Ireland (the ULYSSES Study), where it has a 50/50 joint venture with Star Energy Group, a wholly owned subsidiary of Petronas.

ULYSSES STUDY 

First announced in August 2008, the ULYSSES Study covered the northern and western sectors of the shallow water Kish Bank Basin and was focused on assessing the gas storage and carbon sequestration potential of the basin. These studies have now confirmed a site which may be suitable for offshore natural gas salt cavern development, similar to those recently proposed for development in the Lough Larne area of Northern Ireland. In addition, further geotechnical studies recently completed have confirmed published figures that the basin could host an effective carbon storage capacity of c. 270 million tons. 

Speaking today, Tony O'Reilly, Chief Executive of Providence, said, "We are delighted to confirm that our ongoing analysis of the Kish Bank Basin has revealed several notable geological structures that warrant further investigation. Through the ULYSSES study, the Kish Bank Basin has confirmed our earlier view that its geology could be suitable for potential natural gas salt cavern storage and carbon sequestration projects. Given the location of this basin, close to the city of Dublin, we believe that any potential gas storage development in the basin will be highly competitive given its geographic proximity."