EnergyWatch

Shell leaves Ireland after large-scale divestment

The oil company continues its departure from the northwestern part of Europe with the sale of gas field Corrib. The company is now two thirds of the way through its divestment program.

Photo: Royal Dutch Shell PR

Canadian retirees will now be included in the make up the new owners of the Irish gas field Corrib.

Shell is selling its 45-percent stake of the Irish gas field Corrib to CPP Investment, which is a subsidiary of the pension fund Canada Pension Plan. The sale will provide the oil major with USD 947 million (EUR 829 million) with the option for more milestone payments of up to USD 285 million, depending on gas prices and production until 2025, writes Shell in a statement.

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