Vermilion Energy Inc.
TypePublic
TSX: VET
NYSE: VET
S&P/TSX Composite Component
IndustryPetroleum
Founded1994
Headquarters
Calgary, Alberta
,
Canada
Key people
Lorenzo Donadeo, Executive Chair
Dion Hatcher, President
ProductsOil, natural gas
Production output
87,270 boe/d[1]
RevenueUS$2.013 billion 2018 [1]
US$358.3 million 2018[1]
Total assetsUS$8.271 billion dec18[1]
Number of employees
1,053[2]
Websitevermilionenergy.com

Vermilion Energy is an international oil and gas producer based in Calgary, Canada. It has operations in North America, Europe and Australia. Vermilion is listed on the Toronto Stock Exchange and the New York Stock Exchange.

History

Vermilion began in 1994 as Vermilion Resources Ltd, an Alberta focused oil and gas company. Vermilion had its initial public offering on the Alberta Stock Exchange in April 1996 for $0.10 per share.[3] In 1997, it entered to the French market.

The company changed its status to that of a trust in December 2002 when it became known as Vermilion Energy Trust for eight years; in September 2010, it converted back to a corporation.[4]

In 2004, Vermilion started to operate in the Netherlands.

Vermilion acquired an 18.5% non-operating stake in the Corrib field in the Republic of Ireland from Marathon Oil in 2009, which grew to 20% along with operatorship when Royal Dutch Shell exited the project in 2018.[5] In 2021, Vermilion acquired Equinor's 36.5% stake for $434 million (€382 million), increasing its share of the gas field to 56.5%.[6]

In March 2013, Vermilion began trading on the NYSE under the ticker symbol "VET". Vermilion entered the US market with the acquisition of properties in the Powder River Basin of northeastern Wyoming in 2014. Vermilion acquired a 25% contractual participation interest in a four partner consortium in Germany from GDF Suez in February 2014.

In April 2018, Vermilion announced the acquisition of Spartan Energy, a Saskatchewan-focused light oil producer, for $1.4 billion.[7]

Operations

In Canada, Vermilion's operations are focused in the West Pembina/Drayton Valley region of Alberta and the Northgate Region of southeast Saskatchewan. In West Pembina, Vermilion has the potential for three significant development projects sharing the same surface infrastructure:

  • Cardium light oil development (1,800 m depth)
  • Mannville liquids-rich gas inventory (2,400 - 2,700 m depth)
  • Extensive position in Duvernay liquids-rich gas resource play (3,200 - 3,400 m depth)[8]

Vermilion's activities in the United States are targeting oil and gas development in the Turner Sands tight-oil play.[9]

Vermilion has become the largest oil producer in France.[10] In 2017, under a new climate change bill, Vermilion will no longer be an oil producer for France as of 2040.[11] The company estimates there are more than 1.7 billion barrels of original oil in place in the five biggest conventional oil pools.[12]

In the Netherlands, the company has undeveloped land base approximately 800,000 acres (3,200 km2).[13] The Netherlands is characterized by high impact natural gas drilling and development. Vermilion's natural gas production in the Netherlands is priced of Title Transfer Facility (TTF).

In Germany, the assets include four natural gas producing fields across 11 production licenses, spanning 1,100,000 acres (4,500 km2) in the prolific North German Basin.[14]

Vermilion is the operator and minority owner of the Corrib gas project in Ireland. At peak production, the Corrib project has been projected to supply 60-65% of the country's natural gas demand and over 90% of the country's natural gas production. First-gas from Corrib began on 30 December 2015.[15]

Wandoo is Vermilion's Australian asset, an offshore oil field and platform approximately 80 kilometres (50 mi) off the northwest coast of Australia. Wandoo production receives a premium to Brent Crude pricing.[16] Vermilion originally purchased a 60% operated interest in Wandoo in 2005. The company then purchased the remaining 40% interest in Wandoo in 2007.[17]

See also

References

  1. 1 2 3 4 "Vermilion Energy 2018 Annual Report" (PDF). 28 February 2019.
  2. ↑ "Vermilion Energy 2018 Annual Information Form" (PDF). 28 February 2019.
  3. ↑ "Vermilion History 1994 to 2002". Retrieved 16 July 2015.
  4. ↑ "Vermilion History 2003 to Present". Retrieved 20 July 2015.
  5. ↑ Falconer, Kirk (3 December 2018). "Shell Completes $1.3 bln sale of Corrib gas field stake to CPPIB". PE Hub. Retrieved 1 January 2019.
  6. ↑ "Equinor Exits Ireland with $434M Sale of Corrib Gas Field Stake to Vermilion Energy". Offshore Engineering. 29 November 2021. Retrieved 1 December 2021.
  7. ↑ "Vermilion Energy to buy Spartan Energy in C$1.4 billion deal". Reuters. 16 April 2018. Retrieved 19 April 2018.
  8. ↑ "Canada". Retrieved 16 July 2015.
  9. ↑ "United States". Retrieved 16 July 2015.
  10. ↑ France Is About to Ban Oil Production and No One Will Even Notice
  11. ↑ "France bids Vermilion Energy adieu in new climate-change bill". The Globe and Mail. 24 September 2017. Retrieved 24 April 2018.
  12. ↑ "France". Archived from the original on 21 July 2015. Retrieved 16 July 2015.
  13. ↑ "Netherlands". Retrieved 16 July 2015.
  14. ↑ "Germany". Retrieved 26 January 2017.
  15. ↑ "Ireland Background". Retrieved 26 January 2017.
  16. ↑ "Australia". Retrieved 16 July 2015.
  17. ↑ "Vermilion 2003 to Present". Retrieved 16 July 2015.
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