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Vermilion Energy Inc T.VET

Alternate Symbol(s):  VET

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

Post by geezer21on Apr 29, 2022 7:34pm
430 Views
Post# 34644083

Allianz Group To Quit Backing New Oil and Gas Fields

Allianz Group To Quit Backing New Oil and Gas Fields

https://www.zerohedge.com/commodities/allianz-halt-insurance-oil-gas-projects-2023-amid-worsening-supply-outlook

Allianz To Halt Insurance For Oil, Gas Projects In 2023 Amid Worsening Supply Outlook

Tyler Durden's Photo
by Tyler Durden
Friday, Apr 29, 2022 - 02:15 PM

The Allianz Group, one of the world's largest insurers and asset managers, published a statement Friday detailing how it will no longer insure and invest in new oil and gas fields starting in 2023. This comes at the worst possible time for extremely tight oil markets as Russian production drops due to hard-hitting Western sanctions, igniting fuel shortages in Europe, the US East Coast, and other parts of the world. 

Allianz said it won't offer new single-site and stand-alone property insurance and casualty insurance coverages (and renew existing contracts after July 1, 2023) and will halt new funding for exploration and development of new oil and new gas fields (upstream), construction of new midstream infrastructure related to oil, construction of new oil power plants, and projects in the Arctic. 

The new guidelines come as the company is "accelerating the deployment of its climate strategy and has announced new ambitious commitments in both its core business and operations ... limit the greenhouse gas emissions (GHG) deriving from Allianz's sites and activities in over 70 markets to net-zero by 2030, instead of 2050 as originally planned."
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