17 Oct Policy Advisory: The Future of Oil and Gas in Ireland
Irish Academy of Engineering (IAE) 2013
Ireland’s renewable energy supply has grown steadily in recent years but oil and gas continue to provide over 80% of Ireland’s energy supply. The country’s dependence on these fossil fuels will continue for several decades to come and policy decisions which are taken now will impact significantly on Ireland’s future economic competitiveness.
Government policies should promote further development of the natural gas market in Ireland as well as investment in strategic gas infrastructure. Ireland’s energy import costs can potentially be reduced by over €300 million each year by switching from oil to natural gas in the residential, commercial and industrial sectors.
More needs to be done by Government also to attract oil companies with the technical and financial capacity to explore and develop Ireland’s offshore hydrocarbon resources.