Exploration and production company Premier Oil has achieved the first oil from Catcher Area offshore project in the UK.
The company expects initial stabilised production from the Catcher field at a rate of around 10,000bpd.
The production will be further ramped-up in phases with production from the Varadero field followed by the Burgman field.
Premier Oil chief executive Tony Durrant said: “Catcher is an example of Premier Oil’s capability to deliver full cycle FPSO projects from exploration through to production.
“As production ramps-up in the first half of 2018, the increased cash-flows will play an important role in Premier’s plans for debt reduction.”
According to the company, the phased approach will enable management of the well stock during commissioning of the FPSO’s gas processing modules and full water injection systems.
During the first half of this year, the company expects to increase production in the Catcher Area to around 60,000bpd of oil.
Production from the project is expected to add 30,000bpd to Premier’s daily oil production.
Premier is the operator of the project with a 50% interest.
The company increased its interest by 15% to 50% in 2012 through the EnCore acquisition.
Other stakeholders in Catcher area development include Cairn, MOL, and Dyas.