Ireland has long been an area of interest for Vermilion given its strong regulatory framework and stable fiscal regime. We are proud to have been involved with the Corrib gas project since 2009, when we acquired an 18.5% non-operated interest in the Corrib gas field, in partnership with Shell Exploration Company B.V. (45% operated interest) and Equinor (35.5% non-operated interest).
On July 12, 2017, Vermilion and Canada Pension Plan Investment Board announced a strategic partnership whereby Vermilion expects to assume operatorship of the Corrib natural gas project and increase its ownership interest to 20%.
Currently, Vermilion holds an 18.5% interest in Corrib, with CPPIB (Canada Pension Plan Investment Board) holding a 45% non-operated interest and Equinor holding a 36.5% non-operated interest. Effective October 31, 2018, Vermilion has entered into an operating agreement with CPPIB and Equinor.
Please see the July 12, 2017 news release for more details.
Although our entrance as an operator into the Irish energy industry is relatively recent, Vermilion has been operating in Western Europe since 1997, when we acquired oil producing assets in France. We also have and participate in operations in the Netherlands (since 2004) and Germany (since 2014). As evidenced by our growth in the region, Western Europe has been, and will remain, a key area of focus for our company.