€203m Corrib Gas writedown
Last month, one of Shell’s partners in the project, Statoil, confirmed a writedown of €196m on its investment in the gas project “triggered by changes in market conditions and project delays”. Now, confirmation of a separate €203.4m writedown is contained in accounts for 2009 recently filed by Vermilion Energy Ireland Ltd with the Companies Office.
The Canadian-owned energy company, Vermilion Energy, last year purchased 18.5% of the Corrib field from Marathon Oil Corporation. A spokesman for Vermilion Energy confirmed the writedown appears in the VEIL’s accounts, but stated Marathon Oil Corporation recorded the writedown in 2009.
