13 July 2017
McCann FitzGerald acts for Royal Dutch Shell plc in sale of shares in Shell E&P Ireland Limited
We advised Royal Dutch Shell plc on an agreement for the sale of shares in Shell E&P Ireland Limited, that holds a 45% stake in the Corrib gas venture. The transaction includes an initial consideration of €830m and additional payments of up to €250m between 2018-2025, subject to gas price and production.
This transaction represents Shell’s exit from the upstream business in Ireland and, subject to partner and regulatory consents, is expected to complete in Q2, 2018.
Ronan Deasy, Shell’s Country Chair in Ireland, said, “Shell is very proud to have led the development of the Corrib gas field. Since coming on-stream, the field and facilities have delivered exceptional performance. I would like to pay tribute to all those who have contributed to the development of this important energy project. In particular, I wish to acknowledge our staff, stakeholders and the local community who have worked closely with us over the years."
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