Just last week, the company, Providence Resources, revealed that it has been carrying out a study to investigate sites for offshore natural gas salt cavern development, similar to those recently proposed for development in the Lough Larne area in Northern Ireland.
The basin has the potential to be used for carbon storage, with a possible capacity of about 270 million tonnes.
Chief Executive Tony O'Reilly said the study had revealed several "notable geological structures" that it would investigate further.
-- Advertisement --
"Given the location of this basin, close to the city of Dublin, we believe that any potential gas storage development in the basin will be highly competitive given its geographic proximity."
Northern Ireland's project has already seen a planning application, by Islandmagee Storage Limited (IMSL).
It relates to the creation of a 500 million cubic metres natural gas storage facility in Permian salt beds almost a mile beneath Larne Lough, with this method of storing natural gas already used throughout Europe for more than 40 years.
The northern project has the potential to create around 200 construction jobs during its seven-year development with an additional 20-30 longer term operational posts.
The Dublin Bay project would create at least similar numbers of building jobs, if successful.
See: Undersea Caves Gas Storage Plan Welcomed
