Premier Oil to Meet Production Target

14 January 2010 (Last Updated January 14th, 2010 18:30)

Premier Oil said it was on track to meet its medium-term production target of 75,000boepd, with group production in 2010 expected to be at a similar level to that of 2009. Premier Oil chief executive Simon Lockett said that last year the company capitalised on market conditions to buil

Premier Oil said it was on track to meet its medium-term production target of 75,000boepd, with group production in 2010 expected to be at a similar level to that of 2009.

Premier Oil chief executive Simon Lockett said that last year the company capitalised on market conditions to build their portfolio through acquisitions.

"2010 promises to be another busy year executing our development programme so that we remain on track to meet our medium-term production target of 75,000boepd," Lockett said.

Estimated average production for the full year 2009 was 442,000boepd, the company said.

Lockett said it will drill 12 exploration wells in the North Sea and southeast Asia, try to advance existing projects into the development stage and extend its portfolio of acreage for future exploration.

In the UK, Pakistan and Singapore the company achieved good production performance but in Indonesia bad weather conditions delayed the tie-in of the new FPSO on Kakap, resulting in continued weak performance from that field.