Vermilion Energy increases its stake in project off Irish coast

Vermilion Energy Inc. says it has signed a deal to increase its stake in the Corrib natural gas project off the coast of Ireland.

Under an agreement with Equinor ASA, the Calgary-based company says it will pay $556 million for Equinor Energy Ireland Ltd., which owns a 36.5 per cent stake in Corrib. Vermilion says its operated interest in Corrib will increase to 56.5 per cent with the deal.

The company also announced an exploration and development capital budget of $425 million for next year, with expected production to average 83,000 to 85,000 barrels of oil equivalent per day, before taking into account the Corrib acquisition.