CPP investment board to pick up Shell’s 45% stake in Irish Corrib gasfield
VANCOUVER (miningweekly.com) – The Canada Pension Plan Investment Board (CPPIB) will pay nearly C$1.2-billion to become the largest partner in the Corrib offshore natural gas field, 83 km offshore Ireland.
The Toronto-based fund manager will initially buy a 45% interest in the project from a subsidiary of the Dutch exploration and production giant Shell for €830-million.
After that deal closes, CPPIB plans to transfer a 1.5% interest in the project to Calgary-based Vermilion Energy, for C$228.24-million. Vermilion currently holds an 18.5% working interest in the Corrib natural gas field.
"We welcome CPPIB as a strategic partner in this world-class gasfield, and we look forward to a productive long-term relationship. Our ownership in Corrib and investment in Ireland date back to 2009, and we are proud to be a part of the energy industry in this stable jurisdiction,” Vermillion president and CEO Anthony Marino stated on Wednesday.
Following the transactions, Vermilion will have a 20% interest in Corrib and be the operator. Norway’s Statoil ASA would continue to have a 36.5% interest in Corrib and CPPIB will own the remaining 43.5%.
The CPP Fund, managed by the CPPIB for the Canada Pension Plan, was worth about $316.7-billion as of March 31. Corrib will be managed by CPPIB’s natural resources group, which had investments worth $4.3-billion as of March 31.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation