A company that has supplied Ireland with natural gas for almost 30 years is set to apply for permission to store 1bn cubic metres of gas in depleted natural gas reservoirs 40km south of Cork Harbour, according to RTÉ.

PSE Kinsale Energy says the project would involve an investment of between €400m and €500m and would provide Ireland with a significantly enhanced gas storage capacity.

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PSE Kinsale Energy, or Marathon Oil as it was known, has supplied Ireland with more than 50bn cubic metres of natural gas since 1978. For many years the company produced all the natural gas consumed in Ireland.

However, previously used reservoirs are now practically empty and less than 10% of the natural gas consumed in the county is produced off the Cork coast.

Kinsale Energy wants to convert those reservoirs into giant natural storage tanks 750m below the sea floor.

Last night company representatives met community representatives from the areas on shore closest to the reservoirs to brief them on their plans.

(NS/GK)