Total cost of Corrib to hit €3bn

THE final cost of the controversial Corrib Gas project is now expected to near €3 billion, as one of the partners admitted that it may not be until late 2014 when gas is finally flowing.

The revised cost estimate emerged on Friday, as new documents filed with the Companies Office by Shell Irish subsidiary, Shell E&P Ireland Ltd (SEPIL), show that the total outlay on the project to the end of December last amounted to €2.16bn.

Partners in the project — Shell, Statoil and Canadian-owned Vermilion — spent an additional €200 million on the project last year to bring the investment to €2.1bn and it is understood that the spend on the project in 2011 will be around €250m.