Subsea inspection on schedule at Irish gas field

Vermilion Exploration & Production Ireland is about to commence pipeline and subsea structure inspection at the Corrib gas field.

The works are part of a maintenance campaign and are expected to begin in field on approximately 14 August and take up to 21 days, weather dependent.

The vessel EDT Jane, with a mounted remotely operated vehicle (ROV), will undertake the subsea scope of work, including visual and acoustic surveys.

The Corrib field started production in December 2015 and is located 83 kilometers off Ireland’s northwest coast in water depths of almost 350 meters.

Vermilion Energy reached an agreement with Equinor at the end of 2021 to purchase its 36.5% Corrib interest for a consideration of $434 million.

Upon closing, Vermilion’s operated interest in Corrib increased to 56.5%, with Nephin Energy holding the remaining 43.5%.

The equity gas volumes to Equinor for 2021 were estimated at about 58 MMScf/d.

As part of the transaction, Equinor and Vermilion agreed to hedge approximately 70% of the production for 2022 and 2023, and have also agreed on a contingent payment that will be paid on a portion of the revenue if European gas prices exceed a given floor level.

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