Monday, May 25, 2020

Premier Oil News

Price Drop Triggers Haggling Over Oil and Gas Deals

Premier Oil is working to buy the Andrew platform and BP's controlling stake in five surrounding fields, as well as its minority stake in the Shell-operated Shearwater field (Photo: BP)

The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets…

Rockhopper Reducing Headcount, Directors' Salaries

Sea Lion development scheme - Credit: Premier Oil

Oil and gas company Rockhopper, with a share in the Sea Lion project off the Falkland Islands, has announced a set of cost-cutting measures which include headcount reductions, and directors' salary reduction.The company said Tuesday that due to the "external…

KNOC Aims to Sell Stake in Dana Petroleum

(Photo: Dana Petroleum)

State-run Korea National Oil Corp (KNOC) is considering upping the stake it is planning to sell in its British unit Dana Petroleum after failing to lure a buyer for the 30% previously on offer, banking and industry sources said.KNOC had hired Canada's Scotia…

Premier Oil Cuts Operating Costs Forecast

Catcher (Photo: Premier Oil)

Britain's Premier Oil on Wednesday reduced its forecast for its 2019 operating costs to $12 per barrel of oil equivalent (boe) from $13 and expects debt reduction to reach the upper end of its $250-$350 million target by year-end.Premier, which had debt of around $2.3 billion in December…

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…

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…