Gas field commercial as enterprise applies for licence

Corrib gas field commercial as Enterprise applies for licenceJanuary 16, 2001 17:48 http://www.rte.ie/business/2001/0116/corrib.html
Enterprise Oil and its partners Statoil and Marathon have applied to the Department of the Marine and Natural Resources for a petroleum lease to develop the Corrib gas field off the Mayo coast.
Marine Minister Frank Fahey welcomed the news, which confirms that the project is commercial.
An Enterprise spokesman said the application was an important milestone in developing the field, but cautioned that the project was not 100% certain yet, as Enterprise had yet to decide whether to commit the necessary $400m to developing the field.
Corrib's production life is estimated at around 15 years. Minister Fahey called the timing 'most opportune', as the Ballycotton/Kinsale fields are in sharp decline.