Vermilion Energy ups stake in Corrib natural gas project off the coast of Ireland
CALGARY — Vermilion Energy Inc. says it has signed a deal to increase its stake in the Corrib natural gas project off the coast of Ireland.
Under an agreement with Equinor ASA, the Calgary-based company says it will pay $556 million for Equinor Energy Ireland Ltd., which owns a 36.5 per cent stake in Corrib.
Vermilion says its operated interest in Corrib will increase to 56.5 per cent with the deal.
The company also announced an exploration and development capital budget of $425 million for next year, with expected production to average 83,000 to 85,000 barrels of oil equivalent per day, before taking into account the Corrib acquisition.
Vermilion plans to spend about $215 million in North America in a capital program that will include the drilling of 50 wells, while it plans to spend $210 million across its international assets.
The company also says it plans to reinstate a quarterly dividend of six cents per share starting in the first quarter of next year.
This report by The Canadian Press was first published Nov. 29, 2021.
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Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
