Premier Oil extends membership with technology facilitator
London-listed oil and gas company Premier Oil has extended its membership in the Industry Technology Facilitator (ITF) by three years.
The organization said on Thursday that Premier Oil had been its member 2011. ITF supports the industry in unlocking oil and gas reserves through collaborative investment in new technologies.
The company will join BP, ExxonMobil, Lloyd’s Register Energy, Shell, and Total, amongst other operators and service companies “to continue driving forward collaborative technology development and deployment initiatives.”
Premier Oil is an independent upstream E&P company with oil and gas interests in the North Sea, South East Asia, the Falkland Islands, and Latin America.
In the North Sea, it operates the Tolmount and Babbage gas fields located in the Southern North Sea, Huntington, and the Catcher field, located 110 miles east of Aberdeen, which is expected to produce first oil later this year. The Catcher project is likely to produce 60,000 barrels of oil equivalent per day at peak after recent successful test results.
Last year, the company achieved record production, maintained a low operating cost base and completed the acquisition of the E.ON portfolio.
First oil was also achieved from Premier’s Solan field, located west of Shetland with discussions underway for further drilling campaigns in 2019 to improve production levels.
In July, the company, together with its joint venture partners Talos Energy (operator) and Sierra Oil & Gas, announced it had made a world class oil discovery, offshore Mexico. Zama-1, located in Block 7, is the first offshore exploration well to be drilled by the private sector in Mexico’s history. Premier holds a 25 per cent interest in the block.
Patrick O’Brien, ITF’s CEO, said: “Premier Oil is a pioneering company. Like all our members, it is committed to sourcing and adopting new technologies that can reap the rewards by safely cutting costs and improving efficiency. The company recognizes that in today’s cost constrained environment, collaboration is key to fast track solutions and challenge the industry’s risk averse culture.”