Related Articles
Forward article link
Share PDF with colleagues

UK Premier sells Norwegian business for $120m

Premier has quit Norway, selling assets to Det norske oljeselskap in a cash deal worth $120m

The deal represents another step in Premier's previously-stated programme of portfolio management and will pay down the company's debt, it said. The transaction is subject to government approval and is expected to complete by year-end. Premier's chief executive Tony Durrant said the team in Norway had done an "excellent job in bringing the Vette [formerly Bream] project close to a sanction decision in a low oil price environment. The transaction will realise immediate value from the project as part of our strategy of active management of our portfolio." Other assets include the adjacent Mackerel and Herring discoveries (50%); a non-operated interest in the Froey field (50%); and seven expl

Also in this section
Saudi Arabia pushes ahead with IPO
22 March 2017
The state firm is making the right noises about its privatisation, but the clock is ticking and market fundamentals could still shift
An M&A lifeline in the North Sea
15 March 2017
Assets that cut tax bills could be a blessing for UKCS operators looking for a bargain
Depth, breadth and data
15 March 2017
Fresh from the merger with Baker Hughes, GE Oil & Gas boss tells Petroleum Economist about his firm's plans for digital analysis, cost-cutting and recovery