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Shell exits Ireland upstream sector with £1bn sale

Shell news

Energy giant Shell has sold-off its business in Ireland for up to £1bn ($1.3bn).

Its shares in the Shell E&P Ireland business have been sold to Nephin Energy Holdings, a wholly-owned subsidiary of Canada Pension Plan Investment Board.

The Irish business includes a 45% stake in the Corrib gas venture and the sale represents Shell’s exit from the Irish upstream sector.

The deal includes an initial cash consideration of £750.6m, interest of £42.3m, and additional payments of up to £223.2m.

Shell retains a presence in Ireland through its aviation joint venture, Shell and Topaz Aviation Ireland.

It contributes to Shell’s $30bn (£23.5bn) diverstment strategy.

Earlier today the firm announced it has also completed the sale of its interests in the Draugen and Goja fields in the Norwegian North Sea for £412 million.

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