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October 2018

Shell hit for further €89m loss as it awaits completion of Corrib gas field sale

Fearghal O'Connor - Irish Independent

Pre-tax losses at Shell's Corrib gas field operation fell substantially last year, from €187m to €89m, according to newly-filed financial results.

A massive billion-euro acquisition deal struck last year by a giant Canadian pension fund for Shell's 45pc holding in the controversial gas field off the Mayo coast still has not been fully completed.

Posted Date: 
31 October 2018

Revenues surge at Shell Ireland as Corrib boosts production

Gordon Deegan - Irish Independent

Revenues at Shell Ireland last year increased by 41pc to €257.7m as production from the Corrib Gas field ramped up.

New accounts show that the increased revenues contributed to pre-tax losses at Shell E&P Ireland Ltd more than halving, going from €187m to €88.5m.

The losses mainly arise from non-cash depreciation costs of €283m.

Posted Date: 
26 October 2018

Paperwork blunder left state exposed to Corrib gas field liabiilties

Mark Tighe - Sunday Times

An accident at Corrib could have cost the taxpayer millions

The state could have faced liabilities of many millions of euros if there had been an accident at the Corrib gas field at any time in the past 16 years, it has emerged.

An oversight meant there was no power to make Royal Dutch Shell, the project’s largest shareholder, pay compensation.

Correspondence obtained by The Sunday Times reveals that while reviewing Shell’s proposal to sell its 45% stake in the Mayo gas project for €830m last January, the government discovered that Royal Dutch Shell, the ultimate parent company of Shell Ireland, was not registered as a guarantor, as required under its lease.

A parent company guarantee (PCG) is required to give an unlimited assurance that any costs arising from a problem at the gas field and processing terminal, such as an environmental disaster, would be covered.

Posted Date: 
24 October 2018