Vermilion strengthens position in Ireland’s sole offshore producing gas field
April 6, 2023
Vermilion Energy has closed its acquisition of Equinor Energy Ireland Ltd. from Equinor ASA.
Courtesy Vermilion Energy
Offshore staff
CALGARY, Canada— Vermilion Energy has closed its acquisition of Equinor Energy Ireland Ltd. (EEIL) from Equinor ASA.
The transaction lifts Vermilion’s operated interest in the Corrib Natural Gas Project offshore northwest Ireland to 56.5%, making it the country’s largest provider of domestic gas supplies.
It entered the agreement with Equinor in November 2021. The final estimated net purchase price is about $200 million.
EEIL will boost Vermilion’s share of production from Corrib by 7,000 boe/d. The field, 83 km offshore, exports production to an onshore processing plant with a capacity to handle 350 MMcf/d of natural gas, although Corrib is currently producing 115 MMcf/d.
This represents close to 20% of Ireland's natural gas consumption. Vermilion became operator in 2018 (Shell managed the original development).
