Jan 14 2008 |
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Premier Oil targets Middle East
Monday, Jan 14, 2008
Premier Oil said on Monday it had signed an agreement with an Abu Dhabi-based company and would begin targeting prospects in the Middle East, an area where previously it had been largely absent.
So far, Asia has been the focus of Premier's activities but with key gas sales agreements negotiated in Indonesia, the exploration and production company wants to bring the same approach of marrying its industry expertise with local knowledge to the Middle East.
Emirates International Investment , Premier's joint venture partner, has investments in a number of industrial projects in the region but not in oil and gas. Its principal shareholders include members of the influential Al Nahyan family.
Production for 2007 averaged 35,700 barrels of oil equivalent a day, a rise of 8 per cent. The company said it was on track to achieve its target of 50,000 boe/d by the end of 2010. It benefited from strong realised prices for crude and gas sold into Indonesia although gas sold in Pakistan slipped slightly.
With the Natuna and North Sumatra gas sale deals agreed, Premier is looking for project sanction in Vietnam in 2008. In Pakistan, Bhadra produced first gas earlier this month and Qadirpur should begin production later this year. Zamzama Phase II disappointed with only medium calorific gas but higher value gas is expected later in 2008.
In early London trading, Premier shares edged 5p higher to GBP13.23.
Toby Shelley
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