DUBLIN: Statoil’s Irish subsidiary, which owns a 36.5 per cent stake in the Corrib gas field off the west coast of Ireland, saw losses narrow last year, newly filed accounts show.
The company reported a pretax loss of €187.5 million for the 12 months ending December 2015, as against €243.7 million a year earlier. The loss is primarily due to an impairment charge of €165 million.
Turnover totalled €7.08 million, according to the accounts. Norway’s Statoil, which earlier this year injected €150 million into its Irish unit, is a partner in the Corrib field along with Shell Exploration and Production Ireland and Vermilion Energy of Canada.
The Corrib gas field, which is located 83km off the northwest coast in depths of almost 350m, is the most expensive energy infrastructure project in Ireland and the largest since the Ardnacrusha hydroelectric scheme on the Shannon in the 1920s.
