Premier Oil saw its first quarter production fall by 8.5% in the first quarter of this year.
The company, whose operations stretch from the Falkland Islands to Indonesia, produced less oil in the first few months of 2015 but said its output of 60,200 barrels of oil equivalent per day, were above guidance.
The drop in first-quarter production was caused in part by an oilfield sale in the North Sea and some natural decline in output across its producing fields.
Chief executive Tony Durrant said: “Our focus remains on delivering our committed projects and managing our balance sheet while maintaining optionality in the portfolio for future growth as the oil price recovers.”
Premier Oil has also revised its development spending by $50million to $750million, bringing its total capital expenditure for the year up to $970million.
Its exploration budget remains $220 million.
Earlier this week, the company revealed it had resumed drilling at the Isobel Deep prospect off the Falkland Islands after it was suspended for a short while following a temporary shutdown.
Premier Oil said it had sold 5.6 million barrels of 2015 production at an average price of $97.8 per barrel and 3.5 million barrels at $68.7 per barrel of its 2016 forward output.
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