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Vermilion was founded in 1994 as a Canadian oil and gas exploration and production company focused on assets in Alberta, Canada.
In 1997, Vermilion expanded internationally through the acquisition of oil-producing assets in France. Since 1997, Vermilion has continued to add assets to its portfolio with operations across North America, Europe and Australia.
The company changed its status to that of a trust in December 2002 when it became known as Vermilion Energy Trust for eight years; in September 2010, it converted back to a corporation.
In 2004, Vermilion started to operate in the Netherlands. The following year in 2005, Vermilion completed an acquisition of 60% of the offshore Wandoo field and platform located on the northwest shelf of Australia.
Vermilion acquired an 18.5% non-operating stake in the Corrib field in the Republic of Ireland from Marathon Oil in 2009, which grew to 20% along with operatorship when Royal Dutch Shell exited the project in 2018. In 2021, Vermilion acquired Equinor 's 36.5% stake for $434 million (€382 million), increasing its share of the gas field to 56.5%.
In March 2013, Vermilion began trading on the NYSE under the ticker symbol "VET". Vermilion entered the US market with the acquisition of properties in the Powder River Basin of northeastern Wyoming in 2014. Vermilion acquired a 25% non-operated interest in four producing natural gas fields in Germany from GDF Suez in February 2014. Also that year, Vermilion was awarded its first concession in Hungary, representing Vermilion’s initial entry into Central and Eastern Europe.
In April 2018, Vermilion announced the acquisition of Spartan Energy, a Saskatchewan-focused light oil producer, for $1.4 billion. The following year, Vermilion drilled two successful natural gas wells in Croatia.
The strategic acquisition of Leucrotta Exploration was announced on May 31, 2022, marking Vermilion’s entry into the prolific Montney resource play in Canada.
In February 2024, Vermilion Energy announced the acquisition of Westbrick Energy Ltd.