Equinor to sell stake in Irish gas project for £326m

Vermilion Energy, which operates the site, will buy Equinor’s 36.5% share in the field

Pathway to COP26 report

Equinor has agreed to sell its non-operated equity at the Corrib gas project in Ireland to Vermilion Energy.

Vermilion is the current operator and has a 20% share of the project. Nephin Energy owns 43.5% and Equinor owns 36.5% but does not operate the site at all.

Vermilion will pay $434 million (£326m) to take on Equinor’s stake and the transaction will be made in January 2022.

For 2022, the companies have agreed to hedge 70% of the production for 2022 and 2023.

The sale is subject to approval by partners, government and regulatory bodies and means that Equinor will no long have any active business presence in Ireland.

Arne Gürtner, Senior Vice President UK&I, said: “The Corrib field has been an important non-operated project for Equinor for several years.

“We have taken the decision to sell the asset to focus our portfolio, in line with our strategy, to capture value from the current strong market and to free up capital that we can re-invest elsewhere.”

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast