Marathon International Petroleum, the American company which owns and operates the Kinsale gas field off the coast of Co Cork, has bought into the Corrib gas field off the coast of Co Mayo.

As reported in The Irish Times in April, the company was among bidders for an 18.5 per cent stake in the field being sold by the Norwegian company, Saga Petroleum. While Marathon Ireland refused to comment on "speculation" at that stage, yesterday it released a statement saying it had acquired the stake. It declined to disclose the purchase price but industry sources estimated it was worth at least $20 million.

The Corrib field, currently being tested for the final time, has the potential to be one of the largest gas finds made in Irish waters. The other partners in the field are Enterprise Oil (45 per cent), Saga Petroleum (retains 21.5 per cent) and Statoil Exploration Ireland (15 per cent).