Corrib firm doesn’t expect to pay tax for some time

The new operator of Corrib Gas field has told investors it doesn’t expect to pay tax from profits on the project “for the foreseeable future”.

Last month, Shell Ireland disposed of its shareholding in the project to the Canadian Pension Plan Investment Board in a deal worth just over €1bn.

That left Canada’s Vermilion Energy, which already owns 18.5% of the field, as the main operator.