Vermilion Energy Inc. T.VET

Alternate Symbol(s): VET

Energy Oil & Gas E&P

Vermilion Energy Inc. is a Canada-based international energy producer. The Company seeks to create value through the acquisition, exploration, development, and optimization of producing assets in North America, Europe, and Australia. Its business model emphasizes free cash flow generation and returning capital to investors when economically warranted, augmented by value-adding acquisitions. The Company’s operations are focused on the exploitation of light oil and liquids-rich natural gas conventional and unconventional resource plays in North America and the exploration and development of conventional natural gas and oil opportunities in Europe and Australia. The Company operates through seven geographical segments: Canada, the United States, France, Netherlands, Germany, Ireland, and Australia. In Canada, the Company is a key player in the highly productive Mannville condensate-rich gas play. It holds a 100% working interest in the Wandoo field, offshore Australia.

TSX:VET - Post by User

Vermilion Energy Inc.

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Post by WheresMeGoldon Apr 15, 2020 4:02am

271 Views

Post# 30910400

For weeks I’ve been warning of hitting global storage limits

Quotes from the article:

While Saudi Arabia and other Gulf producers have pledged to cut supply starting next month, they continue to flood the market, swelling global stockpiles and testing capacity limits. The world is still choking on too much oil and will run out of places to store it within a month, according to trader Gunvor Group Ltd.

The difference between crude production and product demand is about 25 million barrels a day, Gunvor’s co-founder and chief executive officer Torbjorn Tornqvist said. Storage both on land and at sea is filling up as traders rush to find a place for the unwanted crude. “It may be hard to even find a place to store oil three to four weeks from now,” he said.

https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2020-04-14/oil-holds-above-20-as-demand-gloom-overshadows-production-deal

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