Record European gas prices during the summer ensured that revenues recorded by Vermilion Energy from the Corrib gas field in North Mayo for the first nine months of this year have more than doubled to (Canadian) $259.9m (€189.9m).
New quarterly figures by Vermilion Energy show the operator of the Corrib gas field recorded $102m in revenues from the start of July to the end of September which represents 39pc of Vermilion’s total Corrib sales for the first nine months of 2022.
The Irish Independent is reporting that the price of gas obtained by Vermilion for the first nine months is more than three times the price the energy firm was able to obtain for the corresponding period of 2021.
European natural gas prices reached an all-time high in August on concerns regarding Europe’s ability to meet winter gas demand which has been followed by more recent price weakness due to warm weather and full storage.
The Vermillion report states that projected prices of natural gas “remain elevated”.
According to the quarterly report, sales of $259.59m this year by Vermilion is a 147pc increase on the $105m in sales for the same period last year.
The gas produced from Corrib represents 100pc of Ireland’s domestic production of natural gas.