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May 27, 2021

Equinor gears up for stake sale in Corrib gas field offshore Ireland

Equinor is looking to raise $400m with the sale of its 36.5% stake in the Corrib gas field.

By Archana Rani

Norway-based energy company Equinor is reportedly preparing to divest its stake in Corrib gas field located off the coast of Ireland.

A potential sale could bring in around $400m, Reuters reported citing three banking and industry sources. Equinor has not confirmed the news.

The Norwegian firm owns a 36.5% stake in the Corrib project, which is located 83km off Ireland’s north-west coast in water depths of around 350m.

Production from the field, which started operations in 2015, is transported via an 83km pipeline to an onshore gas processing terminal.

From the terminal, the gas is exported to the existing Irish gas grid through the Bord Gais Eireann linkline.

The field, in which Vermillion has a 20% operated interest, achieved peak production of 350 million standard cubic feet of gas per day in 2016.

Separately, Equinor awarded a contract to Odfjell Drilling to provide the sixth generation semi-submersible Deepsea Stavanger.

The rig will be used for drilling three exploration wells in the North Sea over an estimated period of around four months. The operating rate is at the same level as the other two rigs.

Equinor plans to start drilling work during the first quarter of 2022.

Equinor drilling and well operations senior vice-president Erik G Kirkemo said: “This rig is a sister rig to the other two Odfjell rigs; Deepsea Atlantic, which has drilled for us for many years, and Deepsea Aberdeen, which will drill on the Breidablikk field.”

The contract includes drilling services and other additional services such as running casing, treatment of wastewater, handling of cuttings, remotely operated vehicle (ROV) and fuel.

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