Sector News

Shell in talks to sell gas field offshore Ireland

December 5, 2016
News

Shell is reported to be in talks to sells its stake in an Irish gas field to an Australian infrastructure fund.

Macquarie is understood to have approached the oil and gas giant over its 45% stake in Corrib, valuing it at around £1billion.

If a deal is struck, the sale will be part of Shell’s plan to offload $30billion of assets in the wake of its mega-merger with BG Group earlier this year.

It is uncertain what would happen to the operatorship of the field which started pumping gas at the end of last year. Other stakeholders in the field include Statoil and Canada’s Vermillion Energy.

The filed is expected to provide half of Ireland’s gas requirements when it hits full capacity.

Macquarie is an active infrastructure investor, owning stakes in Aberdeen Airport and the UK’s M6 toll road.

Shell declined to comment.

By Erikka Askeland

Source: Energy Voice

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