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Home Energy News Vermilion to operate Irish natural gas project for CPPIB, Norwegian energy giant

Vermilion to operate Irish natural gas project for CPPIB, Norwegian energy giant

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CALGARY, A.B. – Vermilion Energy Inc. says it’s now the operator of the Corrib natural gas project in Ireland on behalf of partners that include a subsidiary of the Canada Pension Plan Investment Board and Norway’s Equinor.

The CPPIB’s Nephin Energy Holdings Ltd. is expected to hold a 43.5 percent interest in the Corrib project after a series of transactions, with Equinor (formerly known as Statoil) owning 36.5 percent and Vermilion holding 20 percent.

The project had formerly been operated by a subsidiary of Shell Overseas Holdings Ltd., which sold its 45 percent stake in Corrib to CPPIB, the Canada Pension Plan’s Toronto-based fund manager.

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Vermilion says it will increase its stake in Corrib from 18.5 percent after acquiring an additional 1.5 percent working interest from CPPIB when its deal with Shell is finalized.

Calgary-based Vermilion has producing properties in North America, Europe and Australia.

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