Corrib gas firm gets €125m as costs rise

Shell Ireland has received a fresh cash injection of €125m from its parent to deal with the spiralling costs of the Corrib gas field project.

Documents filed with the Companies Registration Office confirm the additional monies as Shell Ireland confirmed yesterday that the current work on the 5km on-shore subterranean gas pipeline will take 15 months to complete.

The Corrib gas partners, Shell, Statoil and Canadian-owned Vermilion are now 10 years behind the initial target to start generating revenues from the field, with Shell expecting gas to finally flow in late 2014-early 2015.