Premier sells stakes in four North Sea fields

Offshore staff

LONDON – Premier Oil has completed two asset transactions in the North Sea with a combined cash consideration of $147.5 million.

Hungary’s MOL Group has purchased Premier’s interests in the producing Scott, Telford, and Rochelle fields in the UK central North Sea for $130 million. It has also assumed associated liabilities for future abandonment costs.

In the central Norwegian North Sea, Premier has divested its 30% stake in license PL359, which contains the Luno II oil discovery, to operator Lundin Norway for $17.5 million plus working capital adjustments.

Lundin has just received consent from Petroleum Safety Authority Norway to drill an appraisal well 16/4-9 S on Luno II using the semisubmersible Bredford Dolphin. Water depth at the site is 125 m (410 ft).

12/22/2014

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...