Tuesday, January 15, 2019

Premier Oil News

Premier Oil Eyes North Sea Deals

(Photo: Premier Oil)

Britain's Premier Oil Plc said on Monday it was looking to buy U.K. North Sea assets, after the Sunday Times reported that it was preparing to tap shareholders for cash to help it buy about $1.5 billion worth of oil fields.The company's shares fell as much…

Premier Oil Cuts More Debt than Forecast

(Photo: Mike Abrahams, Premier Oil)

Britain's Premier Oil cut debt to $2.3 billion at the end of 2018, below a previous forecast of $2.4 billion, it said in a trading update on Thursday.Premier's full-year production of 80,500 barrels of oil equivalent per day (boepd) came in slightly above…

Total in Talks to Sell North Sea Assets

File photo: A.P. Møller - Mærsk)

French energy giant Total is in advanced talks with privately owned firms Albion Energy and First Alpha Energy Capital on the sale of some of its British North Sea assets, two industry sources said.In July, four banking sources told Reuters Total was set…

Verus Petroleum Mulls 12-Fold Production Growth

Alan Curran. Photo: Verus Petroleum

Aberdeen, UK-based Verus Petroleum has secured a 12-fold increase in its production – from 1,500 to 18,000 barrels per day in less than a year – with the closing of three recent acquisitions on the UK Continental Shelf.A press release from the petroleum…

Talos Energy Begins Zama Discovery Appraisal Program

File  Photo: Talos Energy

Talos Energy  has spudded its Zama-2 appraisal well, beginning the Zama discovery appraisal program, which will consist of three reservoir penetrations, including two wells and one sidetrack.The Zama discovery, which is located in Block 7 in the Sureste Basin…

Pemex Reaches Deal to See if Talos Find Reaches Its Block

(Photo: Premier Oil)

Mexican state oil firm Pemex has reached a preliminary agreement with a consortium led by Talos Energy to evaluate whether the group's find in the Gulf of Mexico extends into a neighboring Pemex block, the companies said in a statement on Thursday.The deal…

Centrica Wins Contract to Process Gas from Tolmount Field

Centrica Storage Limited has been awarded a 120 million pound ($153 million) contract to process gas from the Tolmount field in the North Sea, which will help extend the life of its gas terminal in Yorkshire until at least 2030, the company said.The contract…

M2 Subsea Wins Premier Oil Contract

Mike Arnold (Photo: M2 Subsea)

Remotely operated vehicle (ROV) services provider M2 Subsea has said it has secured a contract to provide inspection services for Premier Oil’s Balmoral Floating Production Vessel (FPV).M2 Subsea, which has bases in Aberdeen and Houston, will carry out the 2018 inspection of the vessel’s hull…

Britain Launches North Sea Frontier Oil, Gas Licensing Round

© Lukasz Z / Adobe Stock

Britain's Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.The blocks cover an area of 370…

Cairn Buys Into Seacrest-backed British North Sea Oilfield

Photo: Cairn

Cairn Energy has bought a 50 percent stake in the Agar-Plantain oilfields in the British North Sea from Azinor Catalyst, the companies said on Thursday, amid renewed interest in North Sea assets.Oil producers are returning to the North Sea having sold many assets in the past few years…

In Vote of Confidence, Oil Firms Mop Up New North Sea Blocks

© corlaffra / Adobe Stock

The UK Oil and Gas Authority (OGA) on Wednesday awarded 123 licences to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the ageing basin that has enjoyed a revival in recent years.Companies ranging from Royal Dutch Shell…

Premier Oil Mulls Longer-Term Hedging

File Image (CREDIT: AdobeStock / © Redindie)

Premier Oil will look at extending the timeframe for oil price hedges beyond 12-18 months to protect its balance sheet and return on investments which might take years to start operating fully, Finance Director Richard Rose said. "One concern in the industry has been the depth of this bear market...

Sapura JV Secures Block 30 in Gulf of Mexico

Photo courtesy Sapura Energy Berhad

Sapura Exploration & Production (Sapura E&P), a wholly-owned subsidiary of Sapura Energy Berhad (“the Group”, formerly known as SapuraKencana Petroleum Berhad), together with its joint venture partners DEA Deutsche Erdoel Mexico and Premier Oil have been awarded Block 30 in Sureste Basin…

DEA Wins Three Blocks in Mexico’s Bid

Map courtesy DEA Deutsche Erdoel AG

In Mexico’s shallow water bid round 3.1, Deutsche Erdoel Mexico was awarded two blocks with its partners Pemex Exploration and Production and CEPSA and one block jointly with its partners Sapura E&P and Premier Oil. In all three blocks, the affiliate of the German E&P company DEA…

BW Offshore Gets Contract Extension for FPSO Polvo

BW Catcher . Photo: BW Offshore

BW Offshore has signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The firm period has been extended to Q3 2019 (from Q3 2018), with options until Q3 2022. The company has also announced that BW Catcher…

Some Investors Sense Opportunities in Big Oil

File Image (CREDIT: AdobeStock / (c) Kasto)

Link between oil prices and energy stocks disrupted; uncertainty remains over crude revival, electric car effect. Investors are gaining confidence - up to a point - that 2018 will be the year of oil stocks. While shares in top energy companies have risen since mid-2017…

Premier Oil to sell North Sea Pipeline Stake

Premier Oil Plc will sell its 30 percent stake in a North Sea pipeline to UK gas infrastructure company CATS Management Ltd for up to 23.6 million pounds ($31.68 million), it said on Monday. The Esmond Transportation System (ETS) pipeline, currently operated…

Premier Oil Seeks Buyers for Stake in Indonesia Gas Field

Premier Oil is seeking buyers for a 25 percent stake in the Tuna field development in Indonesia after reaching a gas sale deal with Vietnam, Chief Executive Tony Durrant said on Thursday. Premier and SKK Migas signed on Nov. 10 an agreement to sell gas to Vietnam from the Tuna development…

Pemex Makes Mexico's Biggest Onshore Oil Find in 15 Years

Mexico's national oil company Pemex has made its biggest onshore oil discovery in fifteen years with a find in the eastern state of Veracruz, President Enrique Pena Nieto said on Friday. Pena Nieto said Pemex made the discovery by drilling its onshore Ixachi well…

FPSO Moored at Catcher Field

BW Catcher (Photo: BW Offshore)

Premier Oil’s Catcher project remains on pace to achieve first oil before the end of this year with the arrival and hook up of the Floating Production Storage and Offloading (FPSO) vessel BW Catcher last week in the U.K. North Sea. BW Catcher arrived at the Catcher field on October 18…