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    Equinor moves to exit Corrib gas project offshore Ireland

    Nov. 30, 2021
    Equinor has agreed to sell its equity in the Corrib gas project offshore northwest Ireland to operator Vermilion Energy for $434 million.
    (Courtesy Equinor)
    Equinor Offshore Ireland 61a6690de5787

    Offshore staff

    STAVANGER, Norway – Equinor has agreed to sell its equity in the Corrib gas project offshore and onshore northwest Ireland to operator Vermilion Energy for $434 million.

    The two companies have also agreed to hedge around 70% of the field’s production for 2022 and 2023, and to approve a contingent payment on a portion of the revenue if European gas prices exceed a certain level.

    Corrib, originally developed by Shell, started production in 2015 and is 83 km (51.6 mi) off Ireland’s northwest coast in water depths of close to 350 m (1,148 ft).

    Equinor’s estimates its 36.5% equity volumes for 2021 at ~58 MMcf/d.

    Vermilion currently owns 20% and Nephin Energy 43.5%.

    11/30/2021