Premier Oil slows Sea Lion project to guard against falling oil prices

first_img Tom Beck Premier Oil slows Sea Lion project to guard against falling oil prices Share LONDON-based oil and gas exploration company Premier Oil yesterday announced plans to slow progress at its Sea Lion project in a bid to cut costs as protection from lowered oil prices.Premier Oil chief executive Tony Durrant said that new projects would be sanctioned “if they are robust at our long term-oil price” – currently less than $80 a barrel. The reduction will come from a reduced amount of wells drilled at the north and east part of the Sea Lion oil field. Currently, Premier expects to drill 10 firm exploration and appraisal wells over the next years, the first of which is expected to spud next month or January.The Sea Lion project kicked off development during November 2012 in the North Falkland Basin, south east of Argentina.Amid news of lowered oil prices, the company has also announced a 12.6 per cent increase in oil production, to 64,000 boepd, for the year’s first 10 months.Durrant commented: “[This year] has seen strong operational performance from Premier as we continue to deliver on the key targets communicated to investors earlier in the year.”Premier’s share price dipped by 1.62 per cent yesterday to close at 243.30p. Show Comments ▼ Thursday 13 November 2014 8:40 pm center_img whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndoTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveUndoThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramUndoEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUndoLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance WealthUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunUndo Tags: NULL whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orglast_img

Leave a Reply

Your email address will not be published. Required fields are marked *