Providence and Star Energy start researching gas storage project
Monday, August 18, 2008
Providence Resources, the Irish oil and gas group has kicked off work on the “Ulysses Project”, a study to evaluate the carbon sequestration and natural gas storage potential of the Kish Bank Basin, offshore Ireland.
The study is being carried out on a 50/50 joint venture basis with Star Energy, which is owned by Petronas, the Malaysian national oil company.
Providence and Star Energy were recently awarded a three year licensing option over eight blocks in the Kish Bank Basin by the Irish Government Department of Energy, Communications & Natural Resources.
The agreed work programme will focus on the oil and gas exploration potential of the basin while the Ulysses Project will specifically assess the potential for underground saline reservoirs in the Kish Bank Basin to be used as sites for CO2 sequestration as well as natural gas storage.
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