Equinor moves to exit Corrib gas project offshore Ireland

Offshore staff

STAVANGER, Norway – Equinor has agreed to sell its equity in the Corrib gas project offshore and onshore northwest Ireland to operator Vermilion Energy for $434 million.

The two companies have also agreed to hedge around 70% of the field’s production for 2022 and 2023, and to approve a contingent payment on a portion of the revenue if European gas prices exceed a certain level.

Corrib, originally developed by Shell, started production in 2015 and is 83 km (51.6 mi) off Ireland’s northwest coast in water depths of close to 350 m (1,148 ft).

Equinor’s estimates its 36.5% equity volumes for 2021 at ~58 MMcf/d.

Vermilion currently owns 20% and Nephin Energy 43.5%.

11/30/2021