Skip to main content
  1. Home
  2. Special reports
  3. 03 Dec 18
  4. Shell completes divestment of upstream interests in Ireland for up to US$1.3 billion

Shell completes divestment of upstream interests in Ireland for up to US$1.3 billion

Published by , Editorial Assistant
Oilfield Technology,

Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to US$1.3 billion (€1.14 billion), to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB). Completion follows receipt of all necessary partner and regulatory consents and the transaction’s effective date is 1 January 2017.

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.

Read the article online at: https://www.oilfieldtechnology.com/special-reports/03122018/shell-completes-divestment-of-upstream-interests-in-ireland-for-up-to-us13-billion/

You might also like

Global gas demand 2025

If current trends persist, future energy demand will outpace demand expectations in many scenarios, positioning natural gas as the most scalable and responsive solution to meet growing power needs and stabilise grids.

 
 

Embed article link: (copy the HTML code below):

 

This article has been tagged under the following:

Upstream news Oil & gas news