Corrib buyers file for regulatory approval

  • Corrib buyers file for regulatory approval
    Independent.t. E.
    Companies are willing to take on the Corrib gas field after the departure of the projectile, filed on the statement of regulatory competition and Commission for consumer protection (CCPC).
    https://www.independent.ie/business/world/corrib-buyers-file-for-regulatory-approval-37197623.html
    https://www.independent.ie/business/article36887893.ece/b522f/AUTOCROP/h342/2017-11-01_bus_35872720_I1.JPG

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Companies are willing to take on the Corrib gas field after the departure of the projectile, filed on the statement of regulatory competition and Commission for consumer protection (CCPC).

The canadian Pension Fund Canada Pension plan investment Board (CPPIB) – have decided to buy the interest of shell in the area last year for €830m for.

Vermilion energy, a canadian oil and gas business, should take over the operatorship of the project. It takes a sliver of the interests of the Pension Fund in the region, after regulatory approval.

That will leave CPPIB with 43.5 PC of the field, Vermilion with 20pcs and Statoil with 36.5 PC.

Last week, Vermilion said that production from the field was 7pc in the second quarter, compared with the first quarter.

He said it was due to natural decline and a slight downtime of the plant related to external power supply questions.

“We continue to work closely with the Investment Board Canada Pension plan and Shell on the transition of ownership and operations from the shell Corrib CPPIB and Vermilion.

“The transition is successful, all the technical aspects were ready. Now we look forward to receiving final approvals from the relevant authorities and closing the deal in the second half of 2018,” said the company, adding that this closing date was later than its original expectation.

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