Shares in Europa Oil & Gas (Holdings) PLC (LON:EOG) surged on Friday as the Irish offshore oil and gas industry praised the government’s decision not to ban exploration in Irish waters.
The Irish Offshore Operators’ Association (IOOA) said Ireland’s choice not to proceed with the Climate Emergency Bill, despite it passing by majority vote twice in the Dáil, was “an important step to ensure energy security, protect the environment and create jobs”.
The government argued the bill would not reduce Ireland’s carbon emissions but rather ensure that almost all its fossil fuels would be imported until it moved to a low-carbon economy.
IOOA chief executive Mandy Johnston said: “Government has recognised that using our own natural resources is not only good for energy security but also good for the environment and jobs.
“The facts speak for themselves: Russian gas imported to Ireland creates 34-38% more greenhouse gas emissions than using Irish gas, while liquified natural gas (LNG) imported from Qatar creates 22-30% more.”
Europa holds six licences in Atlantic Ireland, including six prospects at drill-ready status, and is in negotiations for farm-in agreements to three Irish licences with a major international oil company.
Shares in Europa were up 24% to 2.85p on Friday afternoon.