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Premier Oil plc
Type Public
(LSE: PMO)
Headquarters London, UK
Key people Sir David John, (Chairman)
Simon Lockett, (CEO)
Industry Oil
Revenue $655.2 million (2008)
Operating income $261.7 million (2008)
Net income $98.3 million (2008)
Employees 360 (2007)
Website www.premier-oil.com

Premier Oil plc (LSE: PMO) is an independent British UK oil company with gas and oil interests in the UK, Asia and Africa. It is devoted entirely to the 'upstream' sector of the industry - the exploitation of oil and gas - as opposed to the 'downstream' refining and retail sector. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Contents

History

The Company started trading in 1934 as the Caribbean Oil Company with the intention of pursuing oil and gas exploration and production activities in Trinidad[1]. It was first listed on the London Stock Exchange in 1936 as Premier (Trinidad) Oilfields[1] For the next two decades, the Company concentrated its attention on oil production in Trinidad[1]. The Company acquired its first interest in the North Sea in 1971; it expanded its operations in the UK Continental Shelf throughout the 1970's, merging with the Ball and Collins North Sea Consortium in 1977[2] to gain significant interests in the North Sea as well as properties in Sudan and West Africa. In 1984, the Company took a 12½% stake in the onshore oilfield at Wytch Farm in Dorset[3]. This acquisition transformed the company's reserve base and cash flow and, even today, continues to make an important contribution to Premier's revenues, thanks to large scale expansions which have only become technically feasible with modern technology.

In the late 1980s and early 1990s, Premier enjoyed a series of exploration successes, notably the discovery of the Qadirpur gas field in Pakistan in 1990, the Fife and Angus fields in the UK Continental Shelf and the Yetagun gas field in Myanmar in 1992, as well as the offshore extension to Wytch Farm.[1]

In 1995, Premier acquired Pict Petroleum[4]. As a consequence, Amerada Hess which had a substantial stake in Pict came to hold 25% of Premier's enlarged equity. From this point, Premier was participating in numerous North Sea oil and gas fields, including Fife, Fergus, Galahad and Scott.

In 1996 the Company diverted its attention to the Far east acquiring Sumatra Gulf Oil Limited, which had interests in Indonesia,[1] and in 1997 went further buying Texaco's interests in Myanmar.[1]

In 1998, Premier and Shell brought together their exploration and production interests in Pakistan to form a joint venture company, PSP (Premier & Shell Pakistan).[1] In May 2001, Premier announced an asset swap with Shell which dismantled the partnership and, in September 2001, the formation of a new joint venture with Kufpec called Premier Kufpec Pakistan (PKP).[1] Premier and Kufpec unwound the PKP joint venture in July 2007.[5]

Petronas, the Malaysian oil company, decided to invest significant cash in the Company in 1999 buying a 25% stake.[6]

A restructuring took place in 2002 which saw Petronas and Amerada Hess each give up their 25% holdings in Premier Oil in return for taking various Premier assets. Petronas received the Group's interest in Myanmar as well as stakes in Indonesian interests. Amerada Hess received a 23% stake in a key Natuna oil field in Indonesia.[7]

In 2004 the Company acquired a 75% stake in an oil interest in Vietnam.[8]

Operations

The Company operates in the following countries:[9]

References

  1. ^ a b c d e f g h Premier Oil: History
  2. ^ Details on Corporate Watch
  3. ^ “Geology of The Dorset Coast” House, M.R. London,The Geologists' Association 1993 ISBN 0900717580
  4. ^ Reservoir engineering in the oil and gas industry
  5. ^ Premier and Kufpec to split Pakistani venture
  6. ^ The Petronas stable
  7. ^ Premier worth exploring on bid hopes
  8. ^ Premier Oil is Delek Energy's partner in Vietnamese prospect
  9. ^ Premier Oil: Drilling operations

External links

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