Details of the project involving Northern Ireland Energy Holdings (NIEH) and Portland Gas, were made known earlier today following completion of seismic studies of the geology in the Larne area which indicated significant potential for a gas storage facility.
The Minister said: "This announcement significantly increases the prospect of an underground gas storage facility in East Antrim which could enhance the security of natural gas supply for Northern Ireland."
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"There are also wide economic benefits to be gained by the introduction of gas storage, given the relatively small size of the Northern Ireland gas market, and high dependence on imported natural gas for power generation."
Northern Ireland remains almost exclusively dependent on natural gas supplies from Great Britain and is therefore vulnerable in the event of a major mechanical failure or market circumstances leading to a reduction in gas supplies. The project is therefore significant for the development and future security of supply for the gas network in Northern Ireland.
Minister Dodds concluded: "I look forward to seeing the results of the further geophysical studies which are planned and hearing more details of how this collaborative project will be progressed to the benefit of Northern Ireland consumers."
(JM)
