Vermilion Energy Inc. (TSX:VET) News and Share PriceOil & Gas
Vermilion Energy Inc is an oil and gas exploration company. This Alberta-based company was founded in 1990. After seven years, it acquired oil-producing assets in France and has since been expanding in international markets. It primarily focuses on regions -- North America, Europe and Australia.
The company started trading in April 1994 on the Alberta Stock Exchange. It is also listed on the New York Stock Exchange and Toronto Stock Exchange.
Vermillion produced 1800 barrels of oil per equivalent day (BOE/D) by the end of 1996. In 1999, it acquired 39 per cent stake in Aventura Energy Inc, offshore gas production and exploration company in Trinidad. To double its investment in Aventura, Vermillion sold 72% stake of the former to British Gas in 2004.
Apart from the acquisition in France, the energy giant also acquired 5900 BOE/D of natural gas production worth $85.5 million in Netherlands. In 2004, the company launched Vernex Energy Inc to speed up oil and gas exploration in new markets. The company has a unique portfolio with internationally owned diverse assets and a history of profitability. The company also focuses on sustainability and ESG commitments and prioritizes long-term emissions reduction by 2050.
The company's core focus has been efficiency, which has resulted in a significant reduction in per-unit costs. It is committed to lowering the company operations' environmental impact, and targets are reset every five years.
Vermilion says sustainability is central to their strategy and company goals. As part of its sustainability commitments, the emissions were reduced by 44 per cent from 2014 to 2017. The company also claimed to have invested $2.4 million in community support.
The company's environmental and economic actions include a recycled energy project, which produces 7500 tonnes of tomatoes per year and creating 250 direct agriculture jobs. It uses recycled geothermal energy to power its various eco-friendly projects.
It ranked among the top 40 companies in Canada in 2020 Best Workplace survey.
Vermillion has offices in Ireland, Netherlands, Germany, North America, Australia, France, and central and eastern Europe.
3500, 520 3rd Avenue SW Calgary, Alberta T2P 0R3