Perenco UK takes losses of £102million but SHARP project beckons

North Sea operator Perenco UK took losses of £101.7million as the impacts of Covid and the drop in oil and gas prices took effect.

However, the company still managed to cut down on the previous year’s deficit, which stood at £113.2million.

Perenco, whose assets are based across the Southern North Sea, reduced its operating costs by 10%, while a reduced depletion charge, which relates to taxable income on depleting oil and gas fields, also helped blunt the impact.