First announced in August 2008, the Ulysses Study covered the northern and western sectors of the shallow water Kish Bank Basin and was focused on assessing the gas storage and carbon sequestration potential of the basin.
Providence has a 50/50 joint venture with Star Energy Group in the Kish Bank Basin. Star Energy is a wholly owned subsidiary of Petronas, the state oil company of Malaysia.
In addition, further geotechnical studies recently completed have confirmed published figures that the basin could host an effective carbon storage capacity of 270 million tonnes.
Tony O’Reilly, chief executive of Providence, said: “We are delighted to confirm that our ongoing analysis of the Kish Bank Basin has revealed several notable geological structures that warrant further investigation.
“Through the Ulysses study, the Kish Bank Basin has confirmed our earlier view that its geology could be suitable for potential natural gas salt cavern storage and carbon sequestration projects.”
