The PetrolPlaza audio version is presented to you by UNITI expo 2020, the leading retail petroleum and car wash trade fair in Europe.

Shell completes upstream divestment in Ireland for $1.30 billion

The global oil company exits Ireland’s upstream market by selling its stake Nephin Energy.

Last update:

Royal Dutch Shell plc, through its affiliate Shell Overseas Holdings Limited, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), for up to $1.30 billion (€1.14 billion), to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).

SEPIL holds a 45% interest in the Corrib gas venture.

The transaction includes an initial consideration of $958 million (€840 million), interest of $54 million (€47 million), and additional payments of up to $285 million (€250 million) between 2018-2025, subject to gas price and production.

Completion of the deal represents Shell’s exit from the upstream sector in Ireland and it will to the company’s $30 billion divestment target for 2016-2018.

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

Related contents