Deal insight

Shell exits Ireland with the sale of its 45% interest in the Corrib gas field

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Report summary

Shell is selling its Irish upstream business (SEPIL) to the Canada Pension Plan Investment Board (CPPIB). The initial consideration is US$947m with up to a further US$285m contingent on gas price and production levels. SEPIL holds a 45% interest and operatorship in the producing Corrib gas field. Corrib suffered many years of delays before eventually coming onstream in 2015. The field is strategically important to Ireland accounting for 95% of its gas production. The deal marks another step towards Shell's US$30bn divestment target; we estimate disposals to date now total over US$21bn. Prior to this deal we calculated that Shell was on course to meet its 20% gearing target by end 2019 without the need for any further disposals. CPPIB is forming a strategic partnership with Vermilion Energy which currently holds an 18.5% stake in Corrib. After completion CPPIB will transfer SEPIL and a 1.5% stake in Corrib to Vermilion for 19.4m with Vermilion becoming operator of the field.

What's included

This report contains

  • Document

    Shell exits Ireland with the sale of its 45% interest in the Corrib gas field

    PDF 289.47 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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