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

CALGARY – 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 per cent interest in the Corrib project after a series of transactions, with Equinor (formerly known as Statoil) owning 36.5 per cent and Vermilion holding 20 per cent.

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

Vermilion says it will increase its stake in Corrib from 18.5 per cent after acquiring an additional 1.5 per cent 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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