Corrib gas sales surpass €335m

Sales of more than €1.2m a day are being generated from gas flowing from the Corrib field off the Mayo coast, new figures show.

Production started on the field at the end of last year and for the first nine months of this year, the Corrib partners — including Shell, Statoil, and Canadian company Vermilion Energy — recorded estimated revenues of $360m (€335m) from the production of gas from the field.

A new report from Vermilion — which has an 18.5% stake in the project — show that it, alone, has generated sales of $66.42m from the first nine months of production. According to Vermilion production volumes on the project reached full capacity at the end of second quarter of this year.

“Production results continued to benefit from better than expected well deliverability and minimal downtime,” the company said.

The publication of the quarterly Vermilion report coincides with the main operator of the project, Shell E&P Ireland confirming that it recorded a €179.5m pre-tax loss last year. 

Newly filed accounts for Shell’s main Irish subsidiary show that this arose primarily from a €141m write-down in its asset last year.

The Corrib Partners spent an additional €197m on the project in 2015, and will have spent another €38m by the end of this year.

They also expect to spend a further €6m on the project in 2017.

A spokeswoman for Shell E&P Ltd said yesterday: “Since December 2015, the Corrib gas development has established itself as an integral piece of Ireland’s energy infrastructure and supplies up to 60% of the national gas requirement. We look forward to contributing to Ireland’s energy security over the next 15 to 20 years.

“The Bellanaboy Bridge Gas Terminal reached its target capacity in June this year and production has stayed at this level.”

Shell’s operations in Ireland are currently sustaining 190 jobs.

The gas terminal commenced operations at the end of last year and Shell E&P Ireland recorded revenues of €184,000 for the year.

Staff costs increased marginally to €24.96m.


More in this Section

Bombardier may sell assets amid C Series crisis

Peugeot to cut 400 jobs in UK

Irish Odeon cinemas firm makes profit of €1.2m

Brexit no deal ‘would hit sterling’


Breaking Stories

Airbus and Bombardier agree link-up on jet programme threatened by US tariff

Tourism expected to generate €1.1bn worth of business for Ireland this year

Lifestyle

Remembering the dead: Poignant reason behind Cork’s Zombie Walk

Eight events around Ireland to check out for some frightful fun this Halloween

Massacre at mass on Scariff Island

Ask Audrey: 'It’s like I’m in a horror movie called Revenge of the Norries'

More From The Irish Examiner