Shell has sold its remaining stake in the Corrib gas field, formally marking its exit after nearly two decades of involvement.

The UK company, one of the largest oil and gas firms in the world, announced yesterday that it had completed a deal to offload a 45 per cent interest in the gas field to a unit of the Canada Pension Plan Investment Board.

The deal, which was agreed in July last year, will include a cash payment of $958 million (€846 million), interest of $54 million and additional payments of $285 million, subject to gas prices and production from Corrib. The transaction could therefore be worth $1.3 billion (€1.1 billion).

The deal resulted in Shell taking a sizeable financial hit as a consequence…