Following an exploration review of the whole of the North Sea, Premier has decided to focus on Norway as a prospective core business area. An office in Stavanger was opened in July of this year and Norwegian representatives have been appointed. Premier's immediate objective is to be a successful applicant in the 19th and APA2005 bidding round for open exploration areas this year. The company is in final negotiations with several potential Norwegian partners with the aim of bidding in these license rounds. Longer term, Premier aims to have a material business within Norway with the objective of pre-qualifying as an Operator.
Premier Oil has demonstrated world class achievements in exploration and production ventures throughout the world, most recently in South East Asia, Pakistan, West Africa and the United Kingdom, both as a participant and as Operator. The company has net production worldwide of over 5,000 cubic meters of oil equivalent per day and is virtually debt free.
Over the last ten years Premier Oil has built established businesses within Asia and Africa. The company is credited with having one of the best records within the industry on Health, Safety and Environment, as well as Corporate Social Responsibility, with international accreditation in environmental protection, health and safety, and sustainability. It is a founder member of the United Nations Proteus program on biodiversity. The company's track record in ethical business practices has been demonstrated by its inclusion on the London Stock Exchange FTSE4GOOD index of ethical investment companies.
Robin Allan, Premier Oil's Business Development Director said:
"The Norwegian Continental Shelf represents a compelling investment opportunity with more than a quarter of total resources still to be discovered and large unexplored prospective areas. Premier's exploration-led strategy complements the stated objectives of the Ministry of Energy in creating value through exploration."
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