Energy prices have soared following outbreak of war in the Middle East
The Corrib gas field is estimated to have provided about 14pc of Ireland’s gas demand last winter.
Canadian energy firm Vermilion Energy, the majority owner of the Corrib gas field off the coast of Mayo, says it has no plans to drill additional exploration wells at the site, even as a surge in energy prices threatens a longer-term structural change in the global fossil fuel market.
The war in the Middle East has resulted in energy prices spiking. European gas futures surged 67pc last week and climbed another 30pc on Monday, hitting their highest level in three years.
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