Enterprise Oil is moving towards project sanction to develop the Corrib gas field, it said yesterday, and it is expected to have approval by the end of the year, writes Sebastian Taylor, in London.

The British-based company, which has a 45 per cent share of the project in joint venture with Statoil and Marathon Petroleum, reported record post-tax profits of £196 million sterling in the six months to June 30th, compared with £36 million in the same period last year. Shares in Enterprise Oil rose to 594p from 575p after the results. Earnings per share rose from 6.5p to 39.3p and the interim dividend is being increased from 2.8p to 3.0p per share.