The transaction includes an initial consideration of US$958 million (€840 million), interest of US$54 million (€47 million), and additional payments of up to US$285 million (€250 million) between 2018-2025, subject to gas price and production. Completion of the deal represents Shell’s exit from the upstream sector in Ireland.
The sale will contribute to Shell’s US$30 billion divestment target for 2016-2018.
Shell Energy Europe Limited (SEEL) has signed an offtake agreement to purchase Corrib gas following completion.
Shell retains a presence in Ireland through its aviation joint venture, Shell and Topaz Aviation Ireland Limited.
