Corrib gas partner sees losses grow to €30m

Losses at Vermilion Energy, one of the Corrib gas field partners, last year rose by 50% to €30.8m.

The Canadian-owned firm has an 18.5% share in the gas field and figures lodged with the Companies Office by Vermilion Energy Ireland Ltd show that losses increased from €20m to €30.8m in the 12 months to the end of last December. Accumulated losses were €203.4m.

According to a note with the accounts, the nature of oil and gas field exploration means substantial costs and expenditure are incurred before revenues can be generated from the resources found.