Final bill for Corrib gas field expected to reach €2.5bn

THE final cost in developing the controversial Corrib gas field is now expected to near €2.5 billion.

The revised cost estimate emerged yesterday as new documents just filed with the Companies Office by Shell Irish subsidiary, Shell E&P Ireland show that the capital outlay on the project to the end of December reached €1.918bn.

Partners in the project, Shell, Statoil and Canadian-owned Vermillion, spent an additional €424 million on the project last year to bring their outlay to €1.9bn, and it is understood the spend on the project in 2010 will be around €300m.