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.