Shell concluded the sale of 45% operator share in Corrib gas field to the Canadian Pension Plan Investment Board (CPPIB) on 30 November 2018. CPPIB's local subsidiary Nephin Energy has acquired Shell E&P Ireland Ltd for US$ 958 million (EUR 840 million) cash consideration, with further contingent payments of US$ 285 million (EUR 250 million) based on commodity prices and field performance during 2018-25, and the transaction will be backdated to 1 January 2017. Partner Vermilion has assumed the role of operator and will shortly acquire 1.5% interest in the field from Nephin for EUR6 million (US$ 6.8 million) after adjustments for back-dated production (EUR 19.4 million gross transaction value), with government approvals already in place by 30 November 2018. Both deals were first announced on 12 July 2017. Corrib is located in 350m WD, 85 km W of the County Mayo coastline in Ireland, and was discovered with the deviated NFW 18/20-1 (1996, Enterprise, 4,372m). The field has estimated reserves of 1 Tcfg and the development plan was first approved in 2002. Regulatory hurdles and environmental issues postponed first gas flow until 30 December 2015, and output has been at or near plant capacity since Q2 2016, averaging 282 MMcfg/d during 2018. Corrib gas is produced from six wells, and transported to the Bellanaboy Bridge Gas Terminal in NW County Mayo for processing, then transferred to the national gas grid for distribution to Irish gas consumers. At peak production, the field has the potential to meet up to 60% of Ireland's gas needs. The Corrib petroleum lease was awarded on 15 November 2001, and revised partners are Vermilion Energy Ireland Ltd (18.5% + Op), the Canadian Pension Plan Investment Board via Nephin Energy Holdings Ltd (45%), and Equinor Energy Ireland Ltd (36.5%).
Shell concluded the sale of 45% operator share in Corrib gas field to the Canadian Pension Plan Investment Board (CPPIB) on 30 November 2018. CPPIB's local subsidiary Nephin Energy has acquired Shell E&P Ireland Ltd for US$ 958 million (EUR 840 million) cash consideration, 