Shell to sell upstream operations in Ireland for $1.23bn

Anglo-Dutch oil giant Royal Dutch Shell has agreed a deal to divest its upstream oil interests in Ireland for up to $1.23bn.

Shell reached the agreement with the Canada Pension Plan Investment Board to sell its 45% stake in the Corrib gas venture.

Shell will initially receive $947m as a result of the transaction, and will receive additional payments of up to $285m between 2018 and 2025.

The Corrib gas field has caused a significant amount of controversy in Ireland, with site protests at the Mayo field leading to a consistent police presence in the area for years.

Shell’s upstream director Andy Brown said the move was part of a larger plan to reshape the company’s interests.

Brown said:“This transaction is consistent with Shell’s strategy to concentrate our Upstream footprint where we can add most value. I’m confident that Corrib will continue to deliver energy successfully to the people and businesses of Ireland.”