Corrib Gas Will Contribute €3bn To GDP

An independent report from Goodbody Economic Consultants, commissioned by the Corrib Gas Partners, estimates that the Corrib Gas project will contribute over €3bn to Ireland’s GDP over its lifespan, supplying 60% of the country’s natural gas needs at peak production.  The gas field is estimated to yield approximately one trillion cubic feet of natural gas over an operating life of fifteen to twenty years.

The Goodbody Economic Consultants’ report also states that the Corrib Gas project will make a significant contribution to national energy policy by moderating Ireland’s dependence on imported energy.  It will also provide stable and economic energy supplies, enhancing the sustainability of existing industry in the BMW region.

The Corrib project has led to a decision to extend the natural gas network to the North West. Already twelve towns are to receive natural gas. This expansion has been enabled by the construction of a Bord Gais pipeline connecting the Corrib gas processing terminal to the main Bord Gais network, a pipeline funded predominantly by the Corrib partners.

The Goodbody report also states that successful completion of the Corrib project will encourage further energy exploration activity off the Irish coast.

During the construction phase of the project, the local Mayo economy will directly benefit by approximately €181m.  In relation to employment, the Goodbody Economic Consultants’ report states that the project is expected to create over 800 jobs during the construction phase, with an estimated 130 permanent jobs to be created for the ongoing running of the project over fifteen to twenty year lifespan.  Employment created by the the Corrib project and the purchase of goods and services from local suppliers is expected to significantly boost the local and national economy. 

Bernard Feeney, Managing Director, Goodbody Economic Consultants and co-author of the report said:   “Major investment projects such as the Corrib Gas project impact on the economy in two ways, firstly, the spending arising from the construction and operation of the project boosts economic activity.  Secondly, the presence of the new economic activity will have so called dynamic effects, as it encourages investment by other firms and changes the structure of the local and national economies.”

“The construction and operation of the facility will give rise to significant additional local employment.  Although the Irish economy as a whole has been operating at or close to full employment for a number of years there are still regions of the country where additional employment or an increase in the skill and income level of the employment opportunities available are needed.”

Alternative onshore pipeline route

The Corrib Gas partners are currently working to find an alternative route for the onshore pipeline.  Following a period of public consultation, three alternative pipeline corridors have been identified.  Technical evaluation on and around these corridors is progressing and public consultation will continue throughout the process.  Once the new route has been selected, the Corrib Gas Partners will then make an application to An Bord Pleanala and the Minister for Communications, Energy and Natural Resources for the relevant consent for the modified pipeline route.

Download the Goodbody Report (PDF, 209 KB) - opens in new window.