The Government is to seek the views of third parties through a consultation process on how best to manage potential risks to the country’s gas and energy supplies.
One of the options shortlisted includes strategic floating liquefied natural gas - a floating facility that would only operate during periods of disrupted demand.
Shannon LNG is proposing to develop an LNG receiving terminal on the Shannon Estuary near Ballylongford and Tarbert in County Kerry.
Green Party TD Marc O'Cathasaigh explained the process to Damien on Déise Today this morning, saying that the gas is simply just being compressed.
He says the Shannon development is central to most debates as it was designed to be a commercial development.
The Green TD has warned of big problems when importing natural gas from the US due to fracking.
Fracking is the process of injecting liquid at high pressure into rocks and boreholes so as to force open existing fissures and extract oil or gas.
It causes a huge leakage of methane when carried out, as well as causing "mini earthquakes."
Deputy O'Cathasaigh says it can have desperate consequences for communities in the area.
Ireland currently imports 85% of its gas from the UK and being at the end of the pipeline chain is subject to higher wholesale prices.
For more Waterford news and sport, click here.