Vermilion Energy Shows Interest in Corrib Natural Gas Project Off Ireland’s Coast

Vermilion Energy Inc. has announced that it has reached an agreement to grow its share in the Corrib natural gas project off the coast of Ireland.

According to the terms of an agreement with Equinor ASA, the Calgary-based business will pay $556 million for Equinor Energy Ireland Ltd., which owns a 36.5 percent stake in the Corrib gas project.

The deal, according to Vermilion, will increase the company’s operating interest in Corrib to 56.5 percent.

Before taking into account the Corrib acquisition, the business set a $425 million capital budget for exploration and development for next year, with estimated production averaging 83,000 to 85,000 barrels of oil equivalent per day before taking into account the acquisition.

For its North American assets, Vermilion plans to invest around $215 million in a capital programme that will include the drilling of 50 wells, while the company expects to spend $210 million across its foreign holdings.

The company also announced that it intends to reintroduce a quarterly dividend of six cents per share, which would be paid out starting in the first quarter of 2022.

Original source material for this article taken from here