Business Irish

Saturday 24 August 2019

Corrib output hit by 15pc 'natural decline'

Sales dropped by a quarter at the Corrib Gas field
Sales dropped by a quarter at the Corrib Gas field

Gordon Deegan

A natural decline in the gas resource at the Corrib field off the Co Mayo coast resulted in production declining by 15pc year-on-year in the first quarter of this year.

That is according to the new operator of Corrib Gas, Canadian firm Vermilion which confirmed that revenues for the Corrib Gas Partners in the first quarter of this year totalled C$198.9m (€132m).

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According to the Vermilion quarterly report, "quarterly production decreased 15pc year-over-year due primarily to natural decline". The production between the start of January and end of March was 1pc down on the previous quarter.

Sales decreased 26pc year-on-year due to the drop in production and drop in the price of gas which was 14pc down year-on-year. Vermilion states that during the first quarter of this year "we completed some minor projects and activities to increase uptime and optimise plant compression to increase gas throughput".

Irish Independent

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