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Mr. Conor Lenihan, T.D., Minister of State for Natural Resources and Knowledge Society, has welcomed the entry of a new company into the Irish petroleum market following the sale of Marathon Petroleum Hibernia Limited's 18.5% interest in the Corrib Gas Field to Vermilion Energy Trust. Vermillion Energy Trust is a Canadian based international energy producer with operations in Canada, Europe (France and the Netherlands) and Australia. The companies closed the transaction on Thursday, July 30, 2009.
Minister of State Lenihan said that the final sale proceeds will range between $235 million and $400 million, subject to the timing of first commercial gas from the Corrib Gas Field. The Operator, Shell E&P Ireland Ltd. expects first gas to occur during the period between late 2010 and early 2011. Based on existing published data in relation to the potential size of the Corrib Gas Field and taking current gas prices, it is estimated that Corrib could result in a tax take for the State in the order of €1.7bn.
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