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Corrib buyers file for regulatory approval

Gavin McLoughlin - Irish Independent

The companies set to take over the Corrib gas field after the departure of Shell have filed for regulatory approval from the Competition and Consumer Protection Commission (CCPC).

A Canadian pension fund - Canada Pension Plan Investment Board (CPPIB) - agreed to buy Shell's interest in the field last year for €830m.

Vermilion Energy, a Canadian oil and gas business, is due to take over operatorship of the project. It will take a sliver of the pension fund's interest in the field after regulatory approval.

That will leave CPPIB with 43.5pc of the field, Vermilion with 20pc and Statoil with 36.5pc.

Last week Vermilion said production from the field was down 7pc in the second quarter, compared to the first quarter.

It said this was because of natural declines and minor plant downtime related to external electricity-supply issues.

"We continue to work closely with Canada Pension Plan Investment Board and Shell on the transition of ownership and operations of Corrib from Shell to CPPIB and Vermilion.

"Transition has progressed well, with all technical aspects being ready. We now anticipate receiving final approvals from the necessary authorities and closing of the transaction in the second half of 2018," the company said, adding that this closing date was later than its original expectation.

Posted Date: 
13 August 2018