The Corrib Gas project will contribute €3bn to GDP over the lifespan of the project and will create more than 800 jobs during its construction, a report published today said.
A report by Goodbody Economic Consultants, for the Corrib Gas Partners, said the pipeline will supply 60 per cent of the country's natural gas needs at peak production.
The gas field is estimated to yield approximately one trillion cubic feet of natural gas over an operating life of 15 to 20 years, it said.
The Corrib Gas partners are working to find an alternative route for the controversial onshore pipeline, which has been the subject of a sustained campaign of opposition from some local people and landowners.
Goodbody said three alternative pipeline corridors have now been identified following a public consultation, and that these are being evaluated.
"Once the new route has been selected, the Corrib Gas Partners will then make an application to An Bord Pleanála and the Minister for Communications, Energy and Natural Resources for the relevant consent for the modified pipeline route."