Premier Oil

Debt-riddled Premier will emerge as Harbour, seen valued at around $5 billion.

The merger will effectively end the 86-year run of UK independent oil producer Premier Oil and give rise to one of the largest companies operating in the North Sea region.

North Sea system now on track for completion in Q2 2021.

Four recent deepwater offshore discoveries show exploration is not dead, it is just concentrated offshore.

The deal is part of BP’s plan to divest $10 billion in the North Sea so that it can focus on developing core growth areas and construct more cost-effective subsea tiebacks in the region.

The company will shell out more than $800 million to acquire interests in the Andrew and Shearwater areas, as well as the Tolmount field, offshore Scotland.

Development of the Tolmount East discovery will be fast-tracked, the operator said.

Operator Talos Energy now believes Zama’s gross recoverable resource lies in the upper half of its pre-appraisal estimate of 400–800 million BOE. The consortium is working toward a 2020 final investment decision on the project.