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Displaying items by tag: Corrib Gas Project

Norwegian oil and gas company Equinor has agreed to sell its stake in the Corrib offshore gas project in Ireland to the field’s existing operator, Vermilion Energy.

The deal, which is subject to approval by partners, governments and regulatory bodies, will see Vermilion increased its operated interest in Corrib to 56.5 per cent.

Vermilion acquired the Corrib gas project in 2018 when former operator Shell disposed of its shareholding to the Canadian Pension Plan Investment Board in a partnership with the Canadian energy company.

Equinor, formerly Statoil, had held a 36.5% state in the Corrib project, alongside Vermilion (the operator with 20%) and Nephin Energy (43.5%).

Equinor said that the sale of Corrib means that it will no longer have an active business presence in Ireland, after also deciding to withdraw from an early phase offshore wind project.

Earlier this month, Equinor pulled out of a €2 billion wind energy project in Moneypoint, Co Clare with the ESB.

Industry observers attributed to delays in establishing the new Maritime Area Regulatory Authority (MARA).

MARA is central to a new legislative structure for offshore planning under the Maritime Area Planning Bill before the Oireachtas.

The Corrib field started production in 2015 and is located 83 km off the Mayo coast in water depths of almost 350 meters.

"Equinor and the buyer have agreed a consideration of USD 434 million, before closing adjustment, with an effective date set at 1 January 2022,”Equinor said in a statement today.

“ As part of the transaction, Equinor and Vermilion have agreed to hedge approximately 70% of the production for 2022 and 2023, and have also agreed a contingent payment that will be paid on a portion of the revenue if European gas prices exceed a given floor level," Equinor 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,” Equinor’s senior vice president for Britain and Ireland Arne Gürtner said.

Published in Power From the Sea
Tagged under

#Corrib - Partners in the Corrib Gas Project in the West of Ireland face a bill of nearly €3.4 billion before the end of 2014 - due in part to the pipeline plans falling foul of An Bord Pleanála, as The Irish Times reports.

Some €380 million will be spent next year - and an estimated €300 million more in 2014 - on completing the construction of a 5km tunnel mandated by Ireland's planning authority over safety concerns regarding half of the project's proposed overground pipeline.

Originally set to flow in 2003, the controversial gas field project will be at least 12 years behind schedule when production is ready to begin.

The Irish Times has more on the story HERE.

Published in Coastal Notes

Dublin Bay

Dublin Bay on the east coast of Ireland stretches over seven kilometres, from Howth Head on its northern tip to Dalkey Island in the south. It's a place most Dubliners simply take for granted, and one of the capital's least visited places. But there's more going on out there than you'd imagine.

The biggest boating centre is at Dun Laoghaire Harbour on the Bay's south shore that is home to over 1,500 pleasure craft, four waterfront yacht clubs and Ireland's largest marina.

The bay is rather shallow with many sandbanks and rocky outcrops, and was notorious in the past for shipwrecks, especially when the wind was from the east. Until modern times, many ships and their passengers were lost along the treacherous coastline from Howth to Dun Laoghaire, less than a kilometre from shore.

The Bay is a C-shaped inlet of the Irish Sea and is about 10 kilometres wide along its north-south base, and 7 km in length to its apex at the centre of the city of Dublin; stretching from Howth Head in the north to Dalkey Point in the south. North Bull Island is situated in the northwest part of the bay, where one of two major inshore sandbanks lie, and features a 5 km long sandy beach, Dollymount Strand, fronting an internationally recognised wildfowl reserve. Many of the rivers of Dublin reach the Irish Sea at Dublin Bay: the River Liffey, with the River Dodder flow received less than 1 km inland, River Tolka, and various smaller rivers and streams.

Dublin Bay FAQs

There are approximately ten beaches and bathing spots around Dublin Bay: Dollymount Strand; Forty Foot Bathing Place; Half Moon bathing spot; Merrion Strand; Bull Wall; Sandycove Beach; Sandymount Strand; Seapoint; Shelley Banks; Sutton, Burrow Beach

There are slipways on the north side of Dublin Bay at Clontarf, Sutton and on the southside at Dun Laoghaire Harbour, and in Dalkey at Coliemore and Bulloch Harbours.

Dublin Bay is administered by a number of Government Departments, three local authorities and several statutory agencies. Dublin Port Company is in charge of navigation on the Bay.

Dublin Bay is approximately 70 sq kilometres or 7,000 hectares. The Bay is about 10 kilometres wide along its north-south base, and seven km in length east-west to its peak at the centre of the city of Dublin; stretching from Howth Head in the north to Dalkey Point in the south.

Dun Laoghaire Harbour on the southside of the Bay has an East and West Pier, each one kilometre long; this is one of the largest human-made harbours in the world. There also piers or walls at the entrance to the River Liffey at Dublin city known as the Great North and South Walls. Other harbours on the Bay include Bulloch Harbour and Coliemore Harbours both at Dalkey.

There are two marinas on Dublin Bay. Ireland's largest marina with over 800 berths is on the southern shore at Dun Laoghaire Harbour. The other is at Poolbeg Yacht and Boat Club on the River Liffey close to Dublin City.

Car and passenger Ferries operate from Dublin Port to the UK, Isle of Man and France. A passenger ferry operates from Dun Laoghaire Harbour to Howth as well as providing tourist voyages around the bay.

Dublin Bay has two Islands. Bull Island at Clontarf and Dalkey Island on the southern shore of the Bay.

The River Liffey flows through Dublin city and into the Bay. Its tributaries include the River Dodder, the River Poddle and the River Camac.

Dollymount, Burrow and Seapoint beaches

Approximately 1,500 boats from small dinghies to motorboats to ocean-going yachts. The vast majority, over 1,000, are moored at Dun Laoghaire Harbour which is Ireland's boating capital.

In 1981, UNESCO recognised the importance of Dublin Bay by designating North Bull Island as a Biosphere because of its rare and internationally important habitats and species of wildlife. To support sustainable development, UNESCO’s concept of a Biosphere has evolved to include not just areas of ecological value but also the areas around them and the communities that live and work within these areas. There have since been additional international and national designations, covering much of Dublin Bay, to ensure the protection of its water quality and biodiversity. To fulfil these broader management aims for the ecosystem, the Biosphere was expanded in 2015. The Biosphere now covers Dublin Bay, reflecting its significant environmental, economic, cultural and tourism importance, and extends to over 300km² to include the bay, the shore and nearby residential areas.

On the Southside at Dun Laoghaire, there is the National Yacht Club, Royal St. George Yacht Club, Royal Irish Yacht Club and Dun Laoghaire Motor Yacht Club as well as Dublin Bay Sailing Club. In the city centre, there is Poolbeg Yacht and Boat Club. On the Northside of Dublin, there is Clontarf Yacht and Boat Club and Sutton Dinghy Club. While not on Dublin Bay, Howth Yacht Club is the major north Dublin Sailing centre.

© Afloat 2020