Geostore Ltd. is a subsidiary of Riverstone Credit Partners LLC, who specialise in funding the development of major energy infrastructure projects globally.
Our aim is to deliver a natural gas storage facility in Islandmagee. This facility will strengthen energy security across the UK and Ireland by creating a strategic reserve of natural gas in NI. It will help to establish greater levels of energy security by reducing potential for supply disruption from global events.
The project involves the creation of seven underwater salt caverns in Larne Lough, capable of storing up to a total of 500 million cubic metres of gas. The storage caverns will be developed in a natural salt structure below the seabed and will enable gas to be delivered, stored and then returned to the transmission system when required.
The unique location of the proposed gas storage facility is both geologically and logistically ideal for gas storage.
Gas would be stored within the Permian salt beds in Larne Lough, which is a safe and efficient method of storing large volumes of gas.
The site also has direct access to Ballylumford Power Station and the electricity transmission network servicing NI.
Up to a total of 500 million cubic metres of gas can be stored within the Permian salt beds in Larne Lough.
This represents enough capacity to supply Northern Ireland for three months and the island of Ireland for up to one month if required.
A comprehensive Environmental Impact Assessment was conducted and submitted for the above-ground element of the project, which was approved in 2012. This demonstrated that this element would not have any undue adverse impacts on the natural or human environment.
A Marine Licence application, which will address the element of the project which involves works in the inshore areas of Larne Lough and the North Channel, will be submitted to DAERA. This application will be accompanied by a robust assessment of environmental impact, informed by a range of up-to-date surveys.
Planning permission for the above-ground elements of the proposed development was granted in 2012 by what was then the Department of the Environment (DoE). This remains valid due to the discharge of planning conditions and the commencement of construction activities in 2015.
Having secured the necessary consents and environmental permits that can be obtained at the current stage of the project’s development, the Front End Engineering and Design (FEED) phase of the project was completed in 2018.
A Marine Licence will be submitted to DAERA in the near future, for the works to be completed within the inshore area of Larne Lough.
The salt water, or brine, that is discharged from the caverns as they are constructed will be piped underground into the North Channel, at a length of 100 metres and a depth of around 27 metres.
This will be conducted in such a way as to maximise dilution and dispersion of the brine discharge, and in strict compliance with the conditions of any Marine Licence. These conditions include a voluntary Environmental Monitoring Programme, whereby Geostore will regularly report to DAERA regarding brine discharge and other environmental matters.
The proposed gas storage technology is proven, safe and in operation across the UK and Europe.
This project will create jobs and bring significant benefits to the local and regional economy.
It will create c. 400 jobs during the construction phase and 60 permanent jobs during the operational life of the project.