The field was discovered in 1996, but objections and protests by locals who feared the development’s impact on the environment delayed its development.
Barry O’Halloran: 14 Oct 2017
The Corrib natural gas field off the west coast lost €140 million last year, according to accounts filed by its operator, Shell E&P Ireland.
Global oil and gas giant, Royal Dutch Shell, is selling its 45 per cent stake in the Corrib operator to a Canadian pension fund for up to €1.08 billion.
Accounts for Shell E&P Ireland show that it lost €140 million in 2016 as the cost of running Corrib exceeded the revenues that it earned.
The figures show that the company’s sales were €182.2 million, but costs of €359.4 million and a near €10 million interest bill left it with losses of €187 million. A tax credit of €47 million reduced this to €140 million.
Depreciation accounts for a significant part of the high operating costs. As the field was producing gas at a high rate during the year, its value had to be written down. This was because the field itself was worth less because it held less natural gas.
Shell E&P sells its gas direct into the Irish market, where prices for the fuel have been falling sharply in recent years on the back of buoyant global supplies.
Price fall
A report by independent supplier Vayu shows that the average wholesale price of natural gas fell 19 per cent in 2016.
They were below 30 pence sterling a therm – the unit in which natural gas is sold – for most of 2016. This was the first time in four years that they stayed that low.
Royal Dutch Shell’s loss on the Irish venture could be up to €1 billion. The deal with the Canadian Pension Plan Investment Board may earn it as little as €830 million.
However, the terms allow that to rise by a further €250 million subject to future gas prices and the field hitting certain production targets.
The field was discovered in 1996, but objections and protests by locals who feared the development’s impact on the environment delayed its development.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
