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Perenco UK swings to £250m profit thanks to Wytch farm acquisitions

© PerencoPerenco UK

Perenco UK has swung to a profit following a spate of deals to gain control of the largest onshore oilfield in Western Europe.

The UK group’s accounts for 2018 have been published on Companies House, showing a £250.9million pre-tax profit, up from a loss of £76.9m the year before.

Between 2017 and 2018, Perenco increased its stake at the Wytch Farm field to 95.05% which was the main driver in it profits, along with increased oil prices.

Revenues totaled £766m, up from £490.2m in 2017.

In August 2017, Perenco acquired Maersk Oil’s 3.7% stake in Wytch Farm for £7.5m, and then acquired a 33.8% interest from Premier Oil for £131.5m that December.

That was followed by a £41.5m acquisition of Ithaca Energy’s 7.4% stake in March 2018.

Wytch Farm, located in Dorset, is the largest onshore oilfield in Western Europe which Perenco said has reserves of 500million barrels.

Perenco UK is mainly focussed on the Southern North Sea, with reports earlier this year that the Anglo-French firm was considering a sale of several of its assets.

In February, a spokesman said it is “reviewing strategic options” for the business “which may or may not lead to any divestments or new partnerships”.

The company operates assets which account for almost 15% of the UK’s natural gas production.

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