Accounts show Mayo gas field richer than originally thought

Accounts show Mayo gas field richer than originally thought

There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

More in this Section

Covid-19: Ryanair to take €300m hit, but still in profitCovid-19: Ryanair to take €300m hit, but still in profit

Dire US jobs numbers drive further selloff for global markets amid Covid-19 falloutDire US jobs numbers drive further selloff for global markets amid Covid-19 fallout

Pressure builds on insurer FBD over dividend payout amid Covid-19 crisisPressure builds on insurer FBD over dividend payout amid Covid-19 crisis

Penneys owner cuts executive salariesPenneys owner cuts executive salaries


Lifestyle

Best-selling author Faith Hogan is keeping the faith during the lockdown, thanks to her Moy Valley haven in Ballina, Co Mayo.Shape I'm in: Keeping the Faith during lockdown

Are you and your family venturing into the room outside? Peter Dowdall has some useful advice.Now that the world’s on gardening leave, are you venturing into the room outside?

The virus crisis doesn’t have to dampen our enthusiasm for Easter treats, writes Roz CrowleyWe've got it cracked: Top 8 Easter eggs

More From The Irish Examiner