Norway's Equinor has agreed to sell its stake in the Corrib gas field to partner Vermilion Energy, the Norwegian oil firm said on Monday, putting an end to its activities in Ireland.

Equinor and Vermilion have agreed a consideration of $434 million for the sale, before closing adjustment, with an effective date set January 1st, 2022.

Equinor and Vermilion have agreed to hedge some 70 per cent of the production for 2022 and 2023, and have also agreed a contingent payment that will be paid on a portion of the revenue if European gas prices exceed a given floor level, Equinor said.

The deal is subject to approval by partners, government and regulatory bodies. – Reuters