Shell to sell its complete stake in Corrib gas field
Oil company Royal Dutch Shell, parent company of the Shell Global group, is selling its 45% stake in Ireland’s Corrib gas field after suffering nearly €1 billion (about $1.14 billion) in losses.
The gas field is part of the Corrib Gas Project, an endeavour to extract natural gas from offshore to the Irish mainland. The sale of Shell’s stake marks its complete exit from involvement in the project.
The Canada Pension Plan Investment Board will buy Shell’s stake for about €1.08 billion, or about $1.23 billion, with an initial payment of $947 million and a possible $285 million by 2025, pending gas prices and production.
Corrib gas field has drawn strong controversy since its founding in 1996 due to concerns that the natural gas the Corrib Gas Project was extracting could pollute the area’s water supply.
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