CPPIB, Vermilion Energy partner in $1.2 bln buy in Irish gas field
Canada Pension Plan Investment Board (CPPIB) has agreed to collaborate with Calgary oil and gas company Vermilion Energy Inc (TSX, NYSE: VET) in a strategic partnership in the Corrib Natural Gas Field in Ireland. CPPIB will acquire Shell Exploration Co BV's 45 percent stake in the project for about $1.2 billion (EUR830 million) plus contingent payments. It will transfer a portion of the interest to Vermilion, leaving the pension fund with 43.5 percent. Vermilion will hold a 20 percent operated stake, with Norway's Statoil ASA owning the rest. Corrib supplies about 60 percent of Ireland's natural gas consumption and accounts for about 95 percent of its gas production.
12 July 2017•7 mins read
