The initial phase of the study includes planning and gas sourcing and is expected to be completed by the first quarter of 2011, according to the company.
The Ulysses Project, which commenced in 2008, assessed the natural gas storage and carbon sequestration potential of the Kish Bank Basin, offshore Dublin.
The study confirmed a site which may be suitable for the construction of an offshore natural gas salt cavern storage facility.
Providence technical director John O’Sullivan said that this type of multi-cycle storage facility could help to underpin Ireland’s significant installed wind generation capacity, whilst also facilitating Ireland’s security of supply requirements as specified by EU directive.
