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Vermilion Energy Inc. Announces Receipt of Final Consent for Corrib Project and Anticipation of First Gas Prior to Year End
Vermilion Energy Inc. Announces Receipt of Final Consent for Corrib Project and Anticipati...
About this update from Vermilion Energy Inc.
[{"type":"text","content":"\n\n\n\nVermilion Energy Inc. Announces Receipt of Final Consent for Corrib Project and Anticipation of First Gas Prior to Year End\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nVermilion Energy Inc. Announces Receipt of Final Consent for Corrib Project and Anticipation of First Gas Prior to Year End\nCanada NewsWire\nCALGARY, Dec. 29, 2015\n\n\n\nCALGARY, Dec. 29, 2015 /CNW/ - Vermilion Energy Inc. (\"Vermilion\", \"the Company\", \"We\", \"Us\", or \"Our\") (TSX, NYSE: VET) is pleased to announce that Shell E&P Ireland Limited (\"Shell\"), operator of the Corrib project, has received the final remaining consent required for production from the office of Ireland's Minister for Communications, Energy and Natural Resources.  The Corrib partners (Shell, Vermilion and Statoil Exploration Ireland Limited) are now focused on final preparations to initiate first gas production at Corrib.  Production levels at Corrib are expected to rise over a period of approximately six months to a peak rate estimated at 58 mmcf/d (9,700 boe/d), net to Vermilion. \n\n\"Receipt of Ministerial Consent marks the end of a lengthy and comprehensive regulatory review by a number of Irish regulatory agencies,\" said Lorenzo Donadeo, CEO of Vermilion. \"Achievement of first gas at Corrib will mark a significant milestone for Vermilion.\" \n\nCorrib production is priced in reference to the National Balancing Point (NBP) in the United Kingdom and will increase Vermilion's exposure to advantageously-priced European natural gas production.  We anticipate that European-based natural gas will represent approximately 30% of our 2016 production volumes. \n\nCorrib is a world class natural gas field located approximately 83 km off the northwest coast of Ireland.  The field is believed to contain approximately 1 trillion cubic feet of natural gas reserves.  \n\nNotes to Editors \n\n\nThe Corrib project is a joint venture between Shell E&P Ireland Limited (45%), Statoil Exploration Ireland Limited (36.5%), and Vermilion Energy Ireland Limited (18.5%). Shell E&P Irelan...