By John Mulligan
Thursday August 16 2012
THE Irish arm of Canadian resources firm Vermilion Energy, which is a shareholder in the Corrib gas project, recorded a €10.5m loss last year. That compared with a €27.1m profit a year earlier.
The large disparity between the two figures — revealed in the firm’s latest filed accounts — is due to the reversal in 2010 of a previously recorded €38.7m impairment, which inflated its profits that year. Without it, it had posted an €11.6m loss.
Vermilion owns 18.5pc of the controversial Corrib project after it agreed to pay up to $235m (€191m) to Marathon for the stake. The price included $100m to cover working capital and debt and a contingent payment of $135m which is due to be handed over at the end of this year.
Vermilion has non-operator status within the project, which is being operated by Shell. It won’t begin seeing any significant revenue until the Corrib gas field comes on stream.
The accounts state that Vermilion expects gas to finally flow from Corrib by late 2014. That reflects statements made last month by Energy Minister Pat Rabbitte. With work having started last year on the construction of a 5km tunnel, he said gas couldn’t “reasonably be expected” before 2014. Vermilion said at the end of last year it undertook an impairment review of its investment in Corrib but decided no write-down was necessary.
It said the fair-value estimate of its investment was based on using a discounted value rate of 8.6pc, and total proved and probable reserves of 22.5 million barrels of oil equivalent net to Vermilion.
Earlier this month, the Canadian parent reported a second quarter profit of C$37.8m (€31m).
– John Mulligan
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
