Immediate discussions are needed between the British and Irish governments on the Corrib gas field, Mr Sean Farren, the SDLP's economy spokesman, has said. Discussion should include the assertion by exploration company Enterprise Oil that the recent discovery could meet up to 50 per cent of the island's total demand for gas until well into the next century.
"The very welcome discovery of considerable gas deposits in the Corrib field opens up a new and very important opportunity for the whole energy market in Ireland," Mr Farren said.
"The Department of Economic Development's Strategy 2010 proposals stress the need for the North's future energy decisions to be made in the context of an all-Ireland market. If such planning is to be meaningful, it is essential that North-South discussions start immediately on how both parts of Ireland can benefit from the Corrib field."
Consultations should include all interested parties from consumer groups to industry leaders and gas suppliers, Mr Farren added. A spokesman for the Department of Economic Development said they were awaiting with interest the final studies and decisions on the Corrib find.
"Anything which can improve the security of the gas supply to Northern Ireland will be welcomed," he said.
The Confederation of British Industry has already called for the construction of a cross-Border gas pipeline "sooner rather than later" to take advantage of the new discovery, and with a view to reducing industry energy costs.
Meanwhile, a significant portion of Northern Ireland's electricity generation may pass into French hands if utilities group Suez Lyonnaise des Eaux succeeds in its bid for the Belgian company Tractebel. Tractebel owns 50 per cent of Nigen, which operates the Kilroot and Belfast West power stations. Suez has interests in electricity and waste management, and has launched a £5.5 billion bid to take control of companies in energy, water and waste management in which it already has a minority shareholding. It is offering one of its own shares and a cash bonus of £10.50 for each Tractebel share, valuing the company at around £10 billion.
Nigen, based in Carrickfergus and with more than 300 staff, was formed when Tractebel bought the Kilroot and Belfast West power stations from the British government in 1992 for around £217 million, in partnership with the American company AES. Last year it made a profit of nearly £15 million.
But the Tractebel bid has alarmed the Belgian government, which would be reluctant to see such an important stakeholder in its electricity and gas markets come under French control.
