North Sea operator Premier Oil has sold three of its non-operated assets to Hungarian oil firm MOL Group in a $130million deal.
The transaction comprises six UK North Sea licences in the Scott, Telford and Rochelle fields, at 21.8%, 1.6% and 15% equity respectively, representing around 3,700 barrels of oil equivalent per day to Premier.
“Our ownership of this package of non-operated assets in the Scott area has generated significant cash flow for the group since acquisition,” said Tony Durrant, Premier Oil’s chief executive.
“However, this sale will allow our team in the UK North Sea to focus principally on our operated Solan and Catcher developments, and is a further step towards achieving our targeted disposals for the year.”
Premier is the operator of the giant Catcher field with 50% interest in the prospect which is expected to produce 96million barrels of oil, with a peak production rate of around 50,000 barrels of oil per day, when it comes online in 2017.
The deal with MOL has an effective date of January 1 this year and is subject to government and partner approvals, Premier added in a statement.
Recommended for you
