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Vermilion Energy Inc. has completed of the sale of Shell Overseas Holdings Limited’s 45% interest in the Corrib Natural Gas Project in Ireland.
Effective immediately, Vermilion has assumed contract operatorship of Corrib on behalf of the joint venture partners. CPPIB plans to transfer SEPIL along with a 1.5% working interest to Vermilion. This transfer has received all required government approvals and is expected to be completed in the coming weeks. The estimated purchase price after interim period adjustments is approximately €6 million.
Following the transfer to Vermilion, ownership in Corrib will be as follows:
- Vermilion will hold a 20% operated interest
- NEHL will hold a 43.5% non-operated interest
- Equinor (formerly Statoil) continues to hold a 36.5% non-operated interest
Vermilion’s incremental 1.5% ownership of Corrib represents approximately 700 boe/d at current production rates and approximately 1.8 million boe of 2P reserves.
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