Premier Oil: Solan First Oil Expected in January

Premier Oil plc announced Wednesday that it expects to reach first oil from the Solan field, located offshore UK, in January following delays due to adverse weather conditions.

The company had previously stated that the timing of the start‑up of first oil from the asset was dependent on weather conditions, and after a favorable weather period for much of September and October, the West of Shetlands area experienced an unprecedented number of different storm fronts during November and early December.

This resulted in poor bridge connectivity between the flotel and the Solan platform and a number of lost days. Premier has stated that progress has been made on the commissioning of the offshore installation systems required for first oil, and that it is continuing to reduce the number of hours required to reach first oil, however it now expects this goal to be achieved next year.

No one from Premier Oil was immediately available to specify exactly when the company plans to achieve first oil next month.

First oil at the 100 percent Premier-owned Solan oil field was originally planned for the fourth quarter of 2015. Once on-stream, the field is expected to produce approximately 40 million barrels of oil with a plateau rate of between 20-25,000 barrels of oil per day.

In addition to its Solan update, Premier Oil also revealed Wednesday that it had completed the sale of Premier Oil Norge AS to Det norske oljeselskap ASA for a net cash consideration of $120 million. The transaction comprises all of Premier Oil plc’s Norwegian assets and means that Det norske now owns Premier’s 50 percent stake in the Vette development and adjacent Mackerel and Herring discoveries, a 50 percent interest in the Frøy field and seven exploration licenses in the North Sea.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  KRG Doing All It Can To Ensure IOC Pay... (Dec 5)
 -  Chevron to Submit Sarta Block Developm... (Dec 5)
 -  North Sea Jobs at Risk Without Greater... (Dec 5)
 -  Analysts: OPEC Deal will see Brent Hit... (Dec 2)
 -  Ex-Oil Workers Look to Grow Aberdeen B... (Dec 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
Office Based HSE Specialist
Expertise: HSE Auditing|Safety Engineering|Safety Officer
Location: Denver, CO
 
Lead Process Engineer / Specialist
Expertise: Chemical Engineering|Construction Engineer|Gas Plant Operations
Location: Pittsburgh, PA
 
Safety Engineer
Expertise: Safety Engineering
Location: Houston, 
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours