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Shell gets extra €80m to complete Corrib plan

The Independent

By Gordon Deegan

Wednesday February 17 2010

Shell Ireland has received a fresh €80m cash injection to finish works to allow gas to be taken from the Corrib gas field.

The boost to Shell E&P Ireland from its parent company is confirmed in documents lodged with the Companies’ Office.

The cash injection represents a 23pc increase in the company’s share capital to €424m.

A Shell spokesman yesterday confirmed the equity “is toward the operational expenses in relation to the ongoing development of the Corrib project”.

The Corrib field could produce enough gas to meet 75pc of Ireland’s peak winter gas needs for up to a decade.

The documents showed that the cash injection was made since An Bord Pleanala found that up to half of Shell’s proposed route for its controversial Corrib gas onshore pipeline in Co Mayo was “unacceptable” on safety grounds.

Shell E&P Ireland has until the end of May to provide An Bord Pleanala with revised proposals for an alternative pipeline route to bring the gas onshore.

– Gordon Deegan

Irish Independent Article

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