PREMIER Oil has highlighted the strong production performance it has achieved on the giant Catcher field in the North Sea, which it brought onstream near the end of last year, writes Mark Williamson.
London-based Premier said it has sold the first 500,000 barrels produced from the field at a premium to the prevailing Brent crude price.
The company has already sold a second cargo of oil which will be exported from the field next month.
Premier started production from the field 120 miles east of Aberdeen on 23 December with Cairn Energy.
The start up provided a boost for the North Sea industry which has been grappling with the fall out from the sharp drop in oil prices since 2014.
The field was completed on time and under budget.
Cairn Energy, which is based in Edinburgh, noted on Tuesday that it expects to generate significant amounts of cash from its share of the Catcher output this year.
Premier Oil said that production from Catcher was being deliberately constrained at an average of 20,000 barrels oil per day, whilst final commissioning of gas processing modules on the giant production vessel used on the field is completed. Output is expected to rise to 60,000 bod within months.
Premier is mulling plans to develop the Tolmount gas field in the North Sea.
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