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.