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Corrib Gas Partners announce €800 million investment in Ireland to complete project construction

The completion of the Corrib project will represent an investment of €800m in Ireland by the Corrib Gas Partners over the next three years.
  • €800m will be invested in Ireland to complete the Corrib project over the next three years
  • This investment will sustain 705* direct full-time jobs between now and 2014
  • A further 760 indirect jobs will be supported during the same period
  • Corrib will meet up to 60% of Ireland’s gas needs at peak production

The completion of the Corrib project will represent an investment of €800m in Ireland by the Corrib Gas Partners over the next three years.

This investment announcement was made today by Shell E&P Ireland Limited – operators of the project – as Goodbody Economic Consultants updated their assessment of the economic impact the project will make during both its construction and operations phases.

According to Goodbody, work on the final phase of the project, which includes the building of a 4.9km tunnel under Sruwaddacon Bay in North Mayo, will require an average of 705 people to be employed between now and the end of construction. In addition, the equivalent of a further 760 full-time indirect jobs will be sustained through spin-off business generated by the project.

The economic assessment by Goodbody’s also confirms the significant contribution Corrib has already made in terms of employment and contribution to the Exchequer, with the equivalent of 1,250 full-time jobs sustained between 2004 and 2010 and €887m added to Ireland’s GDP.

The report also indicates that operation of the project – for a period of 15 to 20 years – will add €4.4bn to national GDP, while also meeting up to 60% of Ireland’s gas needs at peak production.

Speaking today as the investment figures were announced, Shell E&P Ireland Limited’s Managing Director, Michael Crothers, highlighted the significance of Corrib on many fronts.

“At a time when the economy is in a difficult place, the Corrib gas project is a beacon in terms of investment and job creation. Over the next three years, €800 million will be invested in Ireland by the Corrib partners in the final phase of the project, sustaining the equivalent of 705 full-time positions and 760 indirect jobs. It is encouraging to see many Irish contractors with Corrib experience in a better position to compete effectively for work, both in Ireland and abroad.

“In addition, the importance of gas as a contributor to Ireland’s long-term energy security is also more critical than ever. Over 61% of the country’s electricity needs are now being met by natural gas and Corrib will be Ireland’s main indigenous source of gas once the field is producing,” said Michael Crothers.

ENDS

* There are currently 600 people employed on the project. This figure will fluctuate over the next three years, with the workforce size expected to peak at over 1,000 for a short period in 2013. The figure of 705 jobs represents the average number of full-time equivalent (FTE) positions required to complete the project over the next three years.