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.

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