Premier Oil Eyes North Sea Deals
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 as 12.5 percent following the report and was the top loser on the U.K. midcap index.Premier Oil was in the running to pick up fields being sold by U.S. oil giant Chevron Corp and is considering a rights issue or share placing to help pay for them should it win the auction…
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 by Perenco UK Limited transports gas from Esmond Area fields to the Bacton gas terminal on the North Sea coast in Norfolk. CATS will make an initial upfront payment of 21 million pounds payable on deal completion, which is currently expected in the first half of 2018.
Premier Oil Discovers Oil off Mexico Coast
Premier Oil Plc said it had discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7. Premier, which holds a 25 percent interest in the block, said estimates for the Zama-1 well were in excess of 1 billion barrels, which could extend into a neighbouring block. The project is jointly owned by Talos Energy, which acts as operator and has a 35 percent stake, and Sierra Oil and Gas which holds the remaining 40 percent. Reporting by Arathy S Nair
Premier Awards FPSO FEED Contract to SBM Offshore
SBM Offshore announced it has been awarded a front-end engineering and design (FEED) contract from Premier Oil plc for an FPSO for Phase 1 of its Sea Lion development in the North Falkland Basin. The 18-month contract awarded to SBM Offshore covers the FEED elements of the proposed FPSO. The asset will be a converted FPSO with a throughput capacity of approximately 85,000 barrels per day and will operate in 450 meters of water. The proposed Phase 1 Sea Lion project…
SBM Offshore Bags Premier Oil FPSO Contract
SBM Offshore informed that Premier Oil plc (Premier) has awarded the Company the Front-End Engineering and Design (FEED) contract for an FPSO for Phase 1 of its Sea Lion development in the North Falkland Basin. The 18-month contract awarded to SBM Offshore covers the FEED elements of the proposed FPSO. The asset will be a converted FPSO with a throughput capacity of approximately 85,000 barrels per day and will operate in 450 meters of water.
Noreco Exits Huntington license
Reference is made to announcement made on 2 November 2015, concerning a default by Noreco Oil UK in the Huntington license. Norwegian Energy Company ASA (Noreco) reports that its UK subsidiary, Noreco Oil UK, has now been served formal notice by the license partners, E.ON UK E&P Limited and Premier Oil Plc, that they will exercise their rights to acquire Noreco’s participating interest in the Huntington license for no consideration, in accordance with their rights under the JOA.
Argentine Judge Orders Seizure of Falklands Drillers' Assets
An Argentine judge has ordered the seizure of assets of oil drilling companies operating in the Falklands Islands, including property held by U.S. firm Noble Energy, as the country takes a firmer line on the disputed territory ahead of October elections. Lilian Herraez, a federal judge in Tierra del Fuego, ordered the seizure of $156 million in bank accounts, boats and other property, the government said on Saturday. The companies named in the order were Premier Oil Plc…
Harkand Mobilizes Vessel for Premier Oil in UKCS
Harkand has embarked on a contract awarded by Premier Oil Plc to support the operator activities on the Solan field development, West of Shetland. The multi-purpose service vessel the Siem Spearfish, which is on long-term charter to Harkand, arrived in Newcastle earlier this month to begin mobilization for the campaign which will see it perform walk-to-work duties for the ongoing commissioning work on site. The Spearfish is being…
Teekay LNG Announces Board Changes
Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors. Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation. Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry, including serving as the managing director of Navion Shipping AS…
UK Summons Argentine Ambassador over Falklands' Comments
Britain said on Thursday it had summoned the Argentine ambassador to explain the latest war of words over the disputed Falkland Islands which included a threat to prosecute British energy firms operating in the area. Last week, Premier Oil Plc and Falkland Oil and Gas Ltd said they had made an oil and gas discovery at a well off the south Atlantic islands, the first in a nine-month drilling campaign. Argentina's President Cristina Fernandez called the announcement "almost provocative"…
North Sea Weather Abates, Iona Increase Production
Iona Energy Inc. informs in an operational update on its Huntington Oil Field, located in the UK North Sea, that during February 2014, Iona produced on average 5,150 boepd as long periods of inclement weather previously experienced in the region subsided. Net to Iona, February's production levels represent an increase of 54% over the 2013 fourth quarter average and 84% over January 2014 volumes. The month saw gross Huntington production peak at 34…
