Corrib gas field set for 2015

Nick Webb

THE controversial Corrib gas field is expected to come onstream by "mid 2015", according to shareholders Vermillion Energy.

Canadian energy group Vermillion, which has an 18.5 per cent stake in the gas project, forecasts that the field will deliver over €130m in free cash flow for the business.

Corrib, which was discovered in 1996, is owned by Statoil, Royal Dutch Shell and Vermillion. It is operated by Shell E&P Ireland.

Gas was originally expected to flow from the Mayo field back in 2003. The project is now likely to be 12 years behind the original schedule. The cost of developing the field could be four times the initial estimate of €800m at over €3bn. The project has attracted unprecedented amounts of local opposition, which has delayed the scheme.