€100m cash injection for Corrib project
The long-delayed €3.4bn Corrib gas project has taken a major step towards producing gas after tests confirmed all five of its wells are now ready to flow.
The successful result "means that all five Corrib wells are ready to flow", a spokesman for the drilling company said.
The tests coincide with the firm lodging documents with the Companies Office confirming that Shell Ireland's parent company provided a fresh €100m cash injection to help complete the project.
Spending by the billion-dollar energy company on the project had already exceeded more than four times the initial estimate of €800m.
Just under 1,000 people are currently employed in the project.
Gas was originally expected to flow from the field in 2003 so he project is nearly 12 years behind schedule. It has been delayed by accidents and planning problems, as well as opposition from the local community.
In the coming weeks a number of vessels will be working at the Corrib field, installing pipes and other sub-sea infrastructure in preparation for the gas. A land-based tunnel has already been completed.