Deal Insight
Equinor exits Ireland with sale to Vermilion
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Equinor has agreed the US$434 million sale of its 36.5% stake in Ireland's offshore Corrib gas project to Vermilion Energy. The transaction has an effective date of 1 January 2022, and is expected to close in H2 2022. Vermilion is already Corrib's operator. Its 20.0% interest will increase to 56.5%. The deal is Vermilion's largest-ever asset-level purchase. It also marks Equinor's exit from Ireland, leaving Eni as the sole Major in the country.
Table of contents
- Executive summary
-
Transaction details
- Overview
- Key terms
- Upstream assets
- Deal analysis
-
Upsides and risks
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Upsides
- Appraisal success could boost volume and value
- Resilience against future carbon costs
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Risks
- European gas price volatility in longer term
- Additional burden from new environmental regulations
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Upsides
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Strategic rationale
- Vermilion Energy
- Equinor
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Corrib production and cash flow (gross project basis)
- Upstream assets: Table 1
- Corrib location
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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