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Corrib Gas Partners will spend €3bn before any gas flows

Gordon Deegan - Irish Times

The rising bill on the controversial Corrib Gas project is to top almost €3 billion before the end of next year, new figures show.

The company driving the project, Shell EP Ireland Ltd yesterday confirmed that the Corrib Gas Partners last year spent a further € 270 million on the project. A spokeswoman said a further € 250 million will be spent this year and again in 2013.

At the end of 2011, the total spent on the project amounted to € 2.43 billion.

The final bill will top €3 billion as work to be funded on the completion of the 5km tunnel to bring the gas ashore will continue through 2014, with Shell stating yesterday that “the window for first gas is late 2014/early 2015”.

Gas was originally expected to flow from the field in 2003 and the outlay on developing the field could be four times the initial estimate of € 800 million.

Shell has a 45 per cent share in the field with its two partners, Statoil having a 36.5 per cent share and Canadian-owned Vermillion owning the remaining 18.5 per cent share.

Posted Date: 
27 November 2012