RTÉ Business
Wednesday, 24 June 2009 15:34
US energy company Marathon Oil has agreed to sell its 18.5% stake in the Corrib gas field off the coast of Mayo in a deal which could be worth up to $400m (285m).
The stake is being bought by Vermilion Energy Trust, an oil and gas company based in Canada. Vermilion will pay an initial $100m, with the rest being made when the first commercial gas is produced at Corrib. Vermilion says it expects first gas by the end of 2011.
Shell holds a 45% interest in the Corrib project, while Statoil Hydro has 36.5%. An Bord Pleanála is due to finish its oral hearing this week into Shell’s application for a modified onshore pipeline route to bring the gas ashore.
Last year, Marathon sold another Irish subsidiary for $180m (125m) to Star Energy, which is owned by Petronas, Malaysia’s national oil company. Its assets included a 100% operated interest in the Kinsale Head Area comprising Kinsale Head, South West Kinsale and the Ballycotton gas fields, as well as an 86.5% interest in the Seven Heads gas field which is tied back to Kinsale.
© RTÉ 2009
This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.