Shell departs Corrib field offshore Ireland

Shell Overseas Holdings has sold its shares in Shell E&P Ireland, which has a 45% interest in the producing Corrib gas venture, to Nephin Energy Holdings, a subsidiary of Canada Pension Plan Investment Board.

Offshore staff

THE HAGUE, the Netherlands – Shell Overseas Holdings has sold its shares in Shell E&P Ireland, which has a 45% interest in the producing Corrib gas venture, to Nephin Energy Holdings, a subsidiary of Canada Pension Plan Investment Board.

Completion follows receipt of all necessary partner and regulatory consents and the transaction’s effective date is Jan. 1, 2017.

The value of the transaction could exceed $1.2 billion, depending on future gas prices and the performance of the field, which is 83 km (51.6 mi) offshore northwest Ireland.

Shell has now exited the Irish upstream sector.

Corrib is thought to produce 60% of Ireland’s gas requirements.

12/03/2018

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