Thursday, 23 August 2018

Tolmount sanctioned with first gas by end 2020

Premier Oil, Dana Petroleum and Antin has sanctioned the Tolmount gas field in the UK North Sea which is planned to be onstream towards the end of 2020. This represents major project for the partners with 500bcf of gas and plateau production of 300mmcfpd.

This field will further help steer the fortunes of the two upstream partners. Premier Oil is looking for longer term growth projects having been financially constrained for years under a debt mountain and now that Catcher is onstream. For Dana, the company has been strategically lost with its parent KNOC providing minimal guidance over the years.

In progressing this project, Premier Oil has struck a smart deal. Although not necessarily the cheapest form of financing, Premier Oil has been able to secure a deal which massively limits its capex spend on the development. By bringing in Antin to fund its share of the platform and export pipeline to the Easington terminal, it has halved its capex spend to USD120m which will largely be for drilling. In return, Antin will charge a tariff for use of the platform/pipeline transportation from Premier Oil’s share of revenues.

#Premier #KNOC #Dana #Tolmount #NorthSea #Antin

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