Statoil writes down value of Corrib gas project by €200m

ONE of Shell’s partners in the controversial Corrib gas project, Statoil, has written down the value of the gas field by almost €200 million due to project delays and changes in market conditions.

The Norwegian energy giant owns 36.5% of the gas field off the Co Mayo coast and confirmation of the write-down are contained Statoil’s results for the third quarter of 2010 just published.

In its financial statement, Statoil states that the impairment of €196m in the Corrib development asset “is triggered by changes in market conditions and project delays”.