Premier Oil starts production at Huntingdon Field

FTSE 250-listed Premier Oil has reported that oil production from the Huntington field in the UK Central North Sea commenced on Friday April 12th.

FTSE 250-listed Premier Oil has reported that oil production from the Huntington field in the UK Central North Sea commenced on Friday April 12th.

The group reported that after an initial ramp-up period, the field is expected to produce 25-30 thousand barrels of oil equivalent per day gross.

Simon Lockett, Chief Executive Officer, commented: "We are delighted to have achieved first oil from the Huntington oil field. This marks the first of four UK North Sea projects from our development portfolio which will come on-stream over the next few years.

"We look forward to the field making a significant contribution to our worldwide production and cash flow growth."

The Huntington development uses the Voyageur Spirit floating production, storage and offloading vessel (FPSO), which the group said had been specifically modified to meet field requirements.

Huntington is located approximately 230 kilometres offshore in water depths of approximately 90 metres. The facilities will have an initial production capacity of approximately 30 thousand barrels of oil per day.

The partners in the Huntington field are Premier, E.ON Exploration and Production, Noreco and Iona Energy.

MF

Recommended

Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022
Invest in VCTs: tax-free investments set to break records
Investment strategy

Invest in VCTs: tax-free investments set to break records

Generous tax breaks make VCTs – venture capital funds – an attractive supplement to pensions.
21 Jan 2022
HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022

Most Popular

Ask for a pay rise – everyone else is
Inflation

Ask for a pay rise – everyone else is

As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why yo…
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022
Interest rates might rise faster than expected – what does that mean for your money?
Global Economy

Interest rates might rise faster than expected – what does that mean for your money?

The idea that the US Federal Reserve could raise interest rates much earlier than anticipated has upset the markets. John Stepek explains why, and wha…
6 Jan 2022