Premier Oil is eyeing North Sea bargains as the firm promised first oil from its Solan field in time for Christmas.
Premier Oil said its Solan project is on track to produce its first oil by the end of the year off the west coast of Shetland. The company said it was also ready for first oil from the Catcher project in 2017 as it posted its results for the first 10 months of the year. The progress of the Solan field will be “subject to weather” in the UK North Sea.
Two of the North Sea’s biggest oil explorers have warned there could be a further 10,000 jobs losses in the oil and gas industry. Both Amjad Bseisu, chief executive of EnQuest, and Premier Oil’s chief executive Tony Durrant said the industry was making the expectation as the decline in oil price continues. Industry body Oil & Gas UK has reported up to 5,500 jobs have been affected in the last year.
Premier Oil has revealed its production levels are ahead of expectations.
The boss of UK independent oil producer Premier Oil said he does not see a viable long-term future for the North Sea - unless collaboration goes to a whole new level.
Premier Oil is to plug and abandon a dry well in the Norwegian sector of the southern North Sea.
A strong North Sea performance saw Premier Oil’s cash flow rise for the first half of the year.
Premier Oil has cut its operating costs by 30% as a challenging marketplace sees its turnover slide. The firm reported total revenues for the first half of the year topped out at $580million – down from last year’s $885million. The dip triggered Premier to cut its operating costs by 30% - down to $150million. The company credited the sale of the “high cost Scott area in the UK” for the part of the savings.
Premier Oil has been granted a drilling permit for a well in the southern North Sea by the Norwegian Petroleum Directorate.
Any attempt by Argentina to seize the assets of oil drillers operating in the disputed Falkands will have no basis in law, the UK Government has said.
Premier Oil today announced the start-up of gas production from the Pelikan field offshore of Indonesia. It follows first gas from the Naga field in the same Natuna Sea block in November.
Singapore-based Dyna-Mac has been awarded a contract worth a preliminary estimate of $89million to construct FPSO topside modules and one flare tower for BW Offshore. The company’s prepatory work is for the vessel which will operate at Premier Oil’s Catcher oil fields in the North Sea.
The former boss of Premier Oil was handed a £1.2million pay-off to leave the company last night.
North Sea operator Premier Oil says it is preparing for a busy year of exploration with plans to sanction three new fields and drill 13 new exploration and appraisal wells in 2014.