BARRY O'HALLORAN US OIL company Marathon is selling its share of the Corrib natural gas field off the west coast to Canadian rival Vermilion in a deal potentially worth $400 million (€285 million).
Both groups announced the sale early yesterday. Marathon said that it has agreed to sell its 18.5 per cent stake in the Corrib field, off the Mayo coast, to Vermilion, for an initial payment of $100 million, once the deal goes through later this year. The sale will end Marathon’s long-term involvement in Ireland, and means that the Corrib’s other owners, exploration giants Shell and Statoil Hydro, will have a new partner on the project, Vermilion.
Full Story: Oil giant Marathon sells interest in Corrib gas field for $400m - Irish Times
Both groups announced the sale early yesterday. Marathon said that it has agreed to sell its 18.5 per cent stake in the Corrib field, off the Mayo coast, to Vermilion, for an initial payment of $100 million, once the deal goes through later this year. The sale will end Marathon’s long-term involvement in Ireland, and means that the Corrib’s other owners, exploration giants Shell and Statoil Hydro, will have a new partner on the project, Vermilion.
Full Story: Oil giant Marathon sells interest in Corrib gas field for $400m - Irish Times
