Equinor Sells Vermilion Energy Its Non-Operated Position in Corrib Gas Project

Equinor Sells Vermilion Energy Its Non-Operated Position in Corrib Gas Project

Equinor stated that it has reached an agreement with Vermilion Energy to sell its non-operated equity position in the Corrib gas project in Ireland.

Equinor owns 36.5% of the Corrib project and Vermilion owns 20%, while the 43.5% remaining share is held by Nephin Energy.

The press statement from Equinor also added that both parties have agreed for a consideration of $434 million, before closing adjustment. The agreement is expected to be effective as of 1 January 2022.

The two companies have agreed to hedge approximately 70% of the production for 2022 and 2023. They are also in agreement regarding a contingent payment that will be settled on a part of the revenue, if European gas prices increase beyond a given floor level.

The deal is awaiting required consent from partners, government, and regulatory bodies.

 

 

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register