Corrib Gas Field Production Turnaround Completed Ahead of Schedule
The Corrib gas field, owned by Vermillion Energy, has successfully completed its production facility turnaround ahead of schedule. A turnaround involves the total shutdown of a facility for maintenance or upgrades. Although costly, this process allows for increased output and improved operations.
Vermillion Energy, a Canadian-listed energy company, announced that the Corrib field’s turnaround was completed approximately five days earlier than anticipated, allowing for an increase in production. The company recently acquired a larger stake in the project.
“In Ireland, we successfully completed the major turnaround at Corrib ahead of schedule in August,” stated the company. “We anticipate that Corrib will produce about 10,000 barrels of oil equivalent per day net to Vermillion in the fourth quarter of 2023.”
Corrib is a natural gas field operated by Vermillion, located approximately 83 km off the northwest coast of Ireland in waters 350 meters deep. The gas is transported via a 90-kilometer pipeline to the Bellanaboy Bridge gas plant in Mayo, where it undergoes processing before being delivered to the national network. This field accounts for 100% of Ireland’s natural gas production.
Vermillion holds a 56.5% interest in Corrib, while CPPIB holds a 43.5% non-operating interest. In April, Vermillion Energy completed its acquisition of Equinor Energy Ireland for a net purchase price of C$200m. Previously, Equinor Energy Ireland held a 36.5% interest in the Corrib field. The acquisition was agreed upon in November 2021 and finalized on January 1, 2022, for a total consideration of C$434m.
According to Vermillion’s 2022 annual report, revenue from the Corrib field increased to C$324m, which was a 51% rise compared to the previous year. This growth was primarily driven by record European gas prices during the summer of 2022, influenced by Russia’s invasion of Ukraine and concerns surrounding European energy security.
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