Premier is on course for 50 per cent output boost

BRITISH oil firm Premier Oil yesterday confirmed it was on track to grow production by around 50 per cent over the course of this year, in line with its previous target, and said it would focus more on existing assets than new acquisitions this year.

Premier plans to bring two new projects in the North Sea into production this year which will help it meet its 60,000 to 65,000 barrels of oil equivalent per day target, putting it on course to significantly exceed 2011’s average output. The company also has five other projects awaiting final investment decisions and plans to concentrate on its existing assets after completing a number of acquisitions last year.

“We will continue to look [at acquisitions], we always do, but the priority will remain our existing portfolio,” chief executive Simon Lockett said.

He would not comment on reports the firm wants to join Rockhopper for a Falklands exploration project.