Vermilion Energy Inc., Calgary, expects its third-quarter 2023 production to come in at the upper end of quarterly guidance of 80,000-83,000 boe/d due to positive developments in Australia and Ireland, the company said in a release Sept. 11.
In Australia, the company restarted production from Wandoo field in September following inspection and repair work. The company expects Australia operations to produce about 4,000 b/d of oil in this year’s fourth quarter.
Wandoo field lies about 80 km off the northwest shelf of Australia in 55 m water depth. The company holds 100% interest in two operated offshore platforms, Wandoo A and Wandoo B.
Production from Wandoo field was temporarily shut-in during December 2022 for maintenance, during which time the operator identified additional maintenance requirements and, as a precautionary measure, elected to complete a detailed inspection of the entire infrastructure and conduct all necessary repairs, the company said in March 2023 as part of a year-end report. At the time, the company expected Australia production to restart in this year’s second quarter.
In Ireland, the company completed the planned major turnaround at Corrib about 5 days ahead of schedule in August. Corrib is forecasted to produce about 10,000 boe/d net to Vermilion in fourth-quarter 2023.
Vermilion is operator of Corrib natural gas field, which lies field about 83 km off the northwest coast of Ireland some 3,000 m subsea in waters 350 m deep. Gas is transported to the Bellanaboy Bridge gas plant through 90 km of pipeline where it is then processed prior to being delivered to the national grid. The field constitutes 100% of Ireland’s natural gas production.
Vermilion holds 56.5% interest in Corrib, with CPPIB (Canada Pension Plan Investment Board) holding a 43.5% non-operated interest. The company’s $434-million deal to acquire Equinor’s 36.5% interest in the Corrib gas project closed in this year’s first quarter, increasing its exposure to premium-priced European gas (OGJ Online, Jan. 6, 2021).
For fourth-quarter 2023, Vermilion Energy expects production of 86,000-89,000 boe/d. Full-year 2023 production of 82,000-86,000 boe/d remains unchanged.
