Equinor prepares sale of Corrib gas field stake – sources

Field provides 95% of State’s natural gas production

Equinor holds a 36.5 per cent stake in the Corrib gas project. Photograph: iStock

Equinor holds a 36.5 per cent stake in the Corrib gas project. Photograph: iStock

 

Norway’s Equinor is preparing to launch the sale of its stake in a natural gas field off the coast of Ireland, hoping to raise around $400 million (€328 million), three banking and industry sources said.

Equinor holds a 36.5 per cent stake in the Corrib gas project, located some 83 kilometres off the west coast and which started operations in 2015.

Equinor declined to comment.

“As usual we don’t comment on rumours and speculation,” a spokesman said.

The field reached peak production of 350 million standard cubic feet of gas per day in 2016, or around 60,000 barrels of oil equivalent per day, according to Equinor’s website.

National grid

Corrib, operated by Vermillion, accounts for around 95 per cent of the State’s natural gas production, with output delivered to the national grid via pipeline.

The Canada Pension Plan Investment Board acquired Shell’s 45 per cent stake in Corrib in 2018 for $1.23 billion.

The development of the Corrib gas field, discovered in 1996, has faced protests since 2005 by residents concerned that the laying of a high-pressure pipeline to bring gas onshore could pollute their water supply. – Reuters