Shell Ireland has received a further €50m cash injection from oil giant Shell, as the Irish firm finally generates revenues from the long-delayed and controversial €3.6bn Corrib Gas field.
The increase of €50m in capital at Shell E&P Ireland Ltd is confirmed in new documents lodged with the Companies Office, which show that the authorised share capital at the firm now stands at €1.4bn.
Shell and its Corrib Partners over 2015 and 2014 spent €580m, made up of an investment of €260m last year and €320m in 2014 to bring gas ashore.
By the end of last year, the costs of the Corrib gas project were set to top €3.6bn — more than four times the original estimate of €800m.
However, with the capital works now completed, the capital investment is to reduce significantly from this year onwards.
The Corrib Natural Gas project was officially launched in January and the field is expected to produce the equivalent of 45,000 barrels of oil per day and has a projected lifespan of between 15 and 20 years.
The recent cash injection of €50m followed previous cash injections of €70m last year and €207m in 2014.
More than 6,000 people have worked on bringing Corrib gas to market, with the development to sustain 175 jobs over the next 15 to 20 years.
Six wells have been drilled at the Corrib field with gas transported to the Bellanaboy Bridge Gas Terminal through a 20in pipeline.
At peak production, Corrib has the potential to meet up to 60% of Ireland’s gas needs.
The Corrib project is a joint venture between Shell E&P Ireland Limited, with a 45% stake; Statoil Exploration Ireland Limited with 36.5%; and Vermilion Energy Ireland Limited, which owns 18.5% of the project.
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