Revenues almost triple at Corrib Gas firm due to soaring prices

Vermilion Energy records Can$47m in revenues from July to the end of September

Vermilion achieved the increase in revenues due to higher gas prices and despite lower volumes being produced by the Corrib Gas field. File photograph: iStock

Vermilion achieved the increase in revenues due to higher gas prices and despite lower volumes being produced by the Corrib Gas field. File photograph: iStock

 

Soaring gas prices ensured that revenues recorded by Vermilion Energy from the Corrib Gas field off Co Mayo have almost tripled to Can$105 million (€73.22 million) for the first nine months of this year.

According to a quarterly report by the Canadian energy company, it recorded Can$47 million in revenues from July to the end of September. This compared to revenues of Can$10.47 million for the corresponding 2020 quarter, an increase of 356 per cent.

Revenues for the first nine months compares to Can$35.32 million for the same period last year.

Vermilion has a 20 per cent share in Corrib Gas and, according to the report, it achieved the increase in revenues due to higher gas prices and despite lower volumes produced by the field during the three-month period in question.

The lower volumes were a consequence of a natural decline and planned maintenance.

Vermilion’s Corrib Gas performance contributed to the energy firm recording global revenues of Can$1.295 billion for the first nine months of this year compared to Can$820.8 million for the same period in 2020 – a rise of 58 per cent.