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Premier

Oil & Gas

Premier and Rockhopper make further Falkland discovery

Premier Oil said a further oil discovery has been made in the Isobel deep exploration well in waters off the coast of the Falklands. The find is believed to have similar properties to the discovery which was made at the Sea Lion project. Premier exploration director Andrew Lodge said:"This is an important play opening discovery in the previously unexplored southern area of Licence PL004.

Oil & Gas

Premier Oil suspends drilling of Falkland wildcat

Premier Oil has suspended drilling of the Isobel Deep wildcat off the Falkland Islands due to a problem detected with the BOP (Blowout Preventer). The company's partner Falkland Oil & Gas said following the successful setting of the casing at a depth of 1273.9metres, a problem had been detected, with the well being temporarily suspended. The BOP has been brought to surface for inspection and repairs.

Oil & Gas

Premier Oil spuds second well in Falklands

Premier Oil has spudded its second well in the Falklands. The rig Eirik Ruade moved a short distance a few days ago to the next target of the current four prospects exploration campaign, Isobel Deep. Earlier this week Premier said it had made an oil discovery in the Zebedee well, with a total of 81 feet of net-oil bearing reservoir and 55 feet of net gas-bearing reservoir being discovered. In February Falklands oil explorers shook off concerns about low crude prices as they revealed plans to press ahead with work in the region.

Other News

Premier makes job reductions following losses

Premier Oil has told staff that it plans to reduce its headcount by 10% due to the drop in oil prices, with about 20 full-time employees in Aberdeen likely to be affected. The London-headquartered company is also expected to start decommissioning work on its Balmoral rig, which has been operating in the North Sea since 1986, because it is no longer profitable. Premier Oil last month said it suffered losses of £250million in 2014, blaming the disastrous result on the crude price drop and impairment charges of £210million relating to its North Sea fields.

Markets

Premier Oil to cut contractor rates

Premier Oil said it expects to book a $300million impairment charge due to the plunge in oil prices. The company plans to cut jobs as well as rein in investments costs. The announcement comes just a day after it was reported Tullow Oil would be making job reductions.

Oil & Gas

Gallery: 2014 Industry milestones

As 2014 draws to a dramatic close for the industry, Energy Voice reflects on milestone events that fuelled a hectic year. In the first of a three part series we look back at some of the game changers within the industry. Later this week, we'll look at some of the highlights and defining moments in the months leading up to the Scottish referendum.

Markets

Premier downsizes Sea Lion spending but confirms Catcher’s finances ‘robust’

Premier Oil has downsized its spending on the Sea Lion development in the Falkland Islands, the company has announced. The project had originally been earmarked for spending of more than £3billion. However in its interim statement, the company said following a project review, the Sea Lion would now progress to a “smaller development” with an estimated spending of less than £2billion.