The update, released to the ASX on 4 May 2026, marks the first detailed progress report since the Company confirmed the scale of the damage following a significant fire on 15 April.
No injuries were reported in the incident.
A Fire That Knocked Out a Critical Unit
The fire broke out in the Alkylation unit, part of the broader Gasoline complex at the Geelong Refinery.
The Alkylation unit is used in petrol production. Its loss forced the site to reduce output across several fuel streams while crews made the area safe.
Fire Rescue Victoria deputy commissioner Michelle Cowling confirmed the cause was equipment failure. She also noted the affected unit was not the section handling diesel or jet fuel production.
That distinction mattered. The fuels most critical to commercial and transport operations kept flowing, even as petrol production took the bigger hit.
The Geelong Refinery in Corio, Victoria, is one of only two operating refineries in Australia. [Viva Energy]
Where Things Stand Now
Viva Energy plans to restart the RCCU and increase production as soon as plant inspections are complete, with the aim of returning to over 90% of capacity.
According to the 4 May announcement, the Company has been focused on safely securing the Alkylation unit and isolating it from the rest of the refinery. That work is described as “progressing well with no impediments identified.”
Subject to further inspection, repairs are expected to take approximately six weeks from the date of the update. That puts a restart firmly in June.
Once the RCCU is back online, production is expected to climb above 90% of normal capacity.
Fuel Supply: No Disruption for Customers
Reduced output does not mean fuel shortages at the pump.
Following the incident, the Geelong Refinery has been producing diesel and jet fuel at approximately 80% of capacity and petrol at approximately 60%.
The Company has sufficient fuel stocks to cover this reduced production and expects to maintain normal fuel supply throughout this period.
Viva Energy has also said its fuel import program is available to replace any production shortfall if needed.
The Geelong Refinery produces approximately 50% of Victoria’s fuel requirements and holds a significant proportion of the country’s oil and fuel reserves. Any extended outage would have serious implications for the state’s energy supply. The Company’s stockpile position appears to have bought it the time needed to manage a controlled repair.
Insurance and Investigation Are Both Underway
The Company has engaged insurers to assess the financial impact across two categories: property damage and business interruption.
An investigation into the cause of the fire is also ongoing.
CEO Scott Wyatt addressed the incident directly in the days that followed the blaze. He said the entire Viva Energy team understands how important the refinery is to the country’s energy security, and confirmed production would be progressively restored once it was safe to do so.
He also expressed relief that everyone on site was safe and apologised for any distress caused to employees, neighbours, and the broader community.
Investor Outlook
Viva Energy Group Limited (ASX: VEA) has been one of the more closely watched energy stocks on the ASX in the first half of 2026.
As of 4 May 2026, the stock was trading at AUD 2.34 per share, with the analyst consensus target price sitting at AUD 2.71 per share – approximately 13% above the last closing price. The consensus earnings per share forecast for the next financial year stands at AUD 0.32.
Viva Energy Group Limited share price performance. [ASX]
The Company’s June restart target removes some of the uncertainty that had been hanging over the stock since trading was halted in mid-April.
A return to over 90% production capacity would restore the Geelong Refinery to near-normal operating conditions heading into the second half of the year.
Investors will be watching for any further updates on the insurance outcome, the investigation findings, and whether the repair timeline holds.
Viva Energy’s broader convenience and mobility strategy continues in parallel, with the refinery representing just one arm of a diversified energy and convenience business.
Also Read: How Beginner Investors Can Start on the Australian Stock Market in 2026
FAQs
Q: What happened at the Geelong Refinery?
A: A significant fire broke out in the Alkylation unit of the Geelong Refinery on 15 April 2026. The fire was extinguished by late Thursday morning. No injuries were reported. Fire Rescue Victoria confirmed equipment failure as the cause.
Q: When will the Geelong Refinery return to full production?
A: Viva Energy expects the Residue Catalytic Cracking Unit to return to operation during June 2026. Subject to inspection, repairs are estimated to take approximately six weeks from 4 May. Production is expected to recover to above 90% of capacity following the restart.
Q: Is there a fuel shortage because of the Geelong Refinery fire?
A: No. Viva Energy has confirmed it holds sufficient fuel stocks to cover reduced production and expects to maintain normal supply to customers throughout the repair period. The Company’s fuel import program can also fill any production gap if required.
Q: What units were affected by the Geelong Refinery fire?
A: The Alkylation unit sustained the primary damage. The Residue Catalytic Cracking Unit was taken offline as part of stabilisation efforts. Most other major processing units, including the crude distillation and reformer units, were unaffected.
Q: Is Viva Energy insured for the Geelong Refinery damage?
A: Yes. Viva Energy has engaged its insurers to assess both property damage and business interruption arising from the incident.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research and consult a licensed financial adviser before making any investment decisions. Colitco holds no position in Viva Energy Group Limited.
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Last modified: May 4, 2026
