Saturday, June 15, 2019

Premier Oil News

Delek Nearing Deal for Chevron's North Sea Fields

(Photo: Chevron)

Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.Delek, via its North Sea oil and gas operator Ithaca Energy, could reach an agreement within days…

Norway Fund to Sell E&P Firms

© Inge / Adobe Stock

Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.The proposal…

Premier Oil Swings to $133 Mln Net Profit

(Photo: Premier Oil)

Premier Oil swung to a net profit of $133.4 million in 2018 from a net loss of more than $250 million in the previous year, the British firm said on Thursday, adding it aimed to reduce its debt pile to potentially less than $2 billion by year-end."Looking to the year ahead, we have a highly cash generative product

Verus Petroleum Up For Sale

© TasfotoNL / Adobe Stock

Private equity firm HitecVision is seeking to sell its British North Sea oil and gas production unit Verus Petroleum, which last year completed a string of large acquisitions ramping up its output, industry and banking sources said.The sale process is being…

Babcock Wins BW Catcher Contract

BW Catcher FPSO (Photo: BW Offshore)

Babcock said it has been awarded a four-year framework contract for brownfield fabrication and modification projects on the BW Catcher, a floating production, storage and offloading vessel (FPSO) owned by BW Offshore. The scope of the contract includes engineering…

Talos Comes Up Big Offshore Mexico

(Photo: Premier Oil)

An appraisal well in the Zama project offshore Mexico showed more potential for oil, raising hopes of a large discovery, operator Talos Energy said on Thursday.The Zama project in Block 7 offshore Mexico is operated by Talos, whose partners include Sierra…

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…

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…

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…

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…

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…

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…

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…

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...