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Irish Times Business - Corrib Gas Field

By: 
Colin Gleeson - Irish Times

Finally, there are unlikely to have been many tears shed in the west of Ireland over news that energy groups behind the controversial Corrib gas field off the Mayo coast, including Shell, are as much as €2.5 billion in the red on their investment.

Sources said that three partners behind the field – Shell, Norwegian oil and gas group Statoil, and Canada’s Vermilion Energy – had invested almost €4.3 billion in the project.

Shell is to sell its 45 per cent stake to a unit of the Canadian Pension Plan Investment Board in a deal that could be worth as little as €830 million to the company. The move brings an end to Shells’ involvement in one of the most controversial infrastructure projects in the history of the State.

Posted Date: 
15 July 2017