Skip to main content

Equinor gears up for stake sale in Corrib gas field offshore Ireland

Offshore Technology

Equinor is looking to raise $400m with the sale of its 36.5% stake in the Corrib gas field.

Norway-based energy company Equinor is reportedly preparing to divest its stake in Corrib gas field located off the coast of Ireland.

A potential sale could bring in around $400m, Reuters reported citing three banking and industry sources. Equinor has not confirmed the news.

The Norwegian firm owns a 36.5% stake in the Corrib project, which is located 83km off Ireland’s north-west coast in water depths of around 350m.


Production from the field, which started operations in 2015, is transported via an 83km pipeline to an onshore gas processing terminal.

From the terminal, the gas is exported to the existing Irish gas grid through the Bord Gais Eireann linkline.


The field, in which Vermillion has a 20% operated interest, achieved peak production of 350 million standard cubic feet of gas per day in 2016.

Separately, Equinor awarded a contract to Odfjell Drilling to provide the sixth generation semi-submersible Deepsea Stavanger.

The rig will be used for drilling three exploration wells in the North Sea over an estimated period of around four months. The operating rate is at the same level as the other two rigs.

Posted Date: 
27 May 2021