Gas was originally expected to flow from the field in 2003 resulting in the project likely to be 12 years behind the original schedule and the outlay will be more than four times the initial estimate of €800 million. The company driving the project, Shell E&P Ireland Ltd (SEPIL) confirmed yesterday that the Corrib Gas Partners last year spent a further €250 million on the project.
Gordon Deegan: Fri, Dec 20, 2013
The Corrib Gas partners are now counting the cost of a contentious An Bord Pleanála ruling as the bill for the project is set to hit almost €3.4 billion before the end of next year.
The company driving the project, Shell E&P Ireland Ltd (SEPIL) confirmed yesterday that the Corrib Gas Partners last year spent a further €250 million on the project.
The 2012 outlay brought the total spend on the project to €2.68 billion at the end of December last.
Work continues on the 5km tunnel to bring the gas ashore and a Shell spokesman confirmed yesterday that a further €380 million will be spent on the project this year with a projected €300 million to be spent on the scheme next year.