Providence in crisis: The main players

11th August, 2019
John Teeling, chairman of Petrel Resources Pic: Barry Cronin

Vermilion Exploration and Production is the operator of Ireland’s only remaining commercial gas field, Corrib. It took over from Shell in 2018, and operates the field completely tax-free due to liberal licence terms and the ability to offset previous investment against future tax. Canadian parent company Vermilion Energy owns an 18.5 per cent stake in the field, along with majority shareholders Nephin Energy and Equinor. Vermilion Energy made profits of $272 million in 2018. Without...

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