Royal Dutch Shell starts production at Corrib gas field

(ShareCast News) - Royal Dutch Shell has begun production at the Corrib gas field, which is located 83 kilometres off Ireland's northwest coast, almost 20 years after the reserves were discovered.The field lies around 3,000 metres below the seabed and at peak production, is expected to produce around 45,000 barrels of oil equivalent per day, which is around 60% of Ireland's gas needs."Today's announcement is a positive step for our gas portfolio," said Andy Brown, Shell's Upstream International director."It is also good news for Ireland as the provision of Corrib gas improves security of supply for the Irish energy market. Delivering gas from Corrib will bring many long term benefits to the Irish economy and consumers."The Corrib project is a joint venture. Shell E&P Ireland Limited owns 45%, Statoil Exploration Ireland Limited owns 36.5% and Vermilion Energy Ireland Limited the rest. Shell E&P Ireland Limited is the project's operator.