Premier Oil

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Premier Oil plc is an independent British UK oil company with gas and oil interests in the UK, Asia and Africa. It has interests in UK shale gas development as a majority shareholder in Egdon Resources, which is a junior partner in the Kirby Misperton site in North Yorkshire.

History

Premier Oil was first registered in the UK in 1934 (then as the Caribbean Oil Company) to exploit oil and gas in Trinidad.

The company acquired its first interest in the North Sea in 1971. In 1977 it gained further access to the UK continental shelf as well as properties in Sudan and West Africa by merging with Ball and Collins North Sea Consortium. Its 12.5% share in the onshore oil field at Wytch Farm in Dorset acquired in 1984 (and the subsequent offshore extension of this field) was still making an important contribution to the revenues in 2008.

Burma

Premier Oil has been established in Burma since 1990 (and insists on referring to the country as Myanmar, the name given by its military dictatorship). In 1992 the Yetagun Gas Field was discovered and gas sales to Thailand from that field started in May 2000. Since then offshore facilities have been built in the Gulf of Martaban, 124 miles off the west coast of Burma and a 168-mile long pipeline has been constructed to the Thai border. This $650 million project was Premier Oil's biggest during that period (Premier's stake in it is estimated to $200 million) and was expected to yield gas for the coming 20 years.

Aquisitions

In 1995 Premier Oil acquired Pict Petroleum. As part of this deal, Amerada Hess (previously part-owner of Pict) came to hold 25% of Premier Oil's enlarged equity.

In 1996 it acquired Sumatra Gulf Oil Ltd and Discovery Petroleum in Indonesia, giving them a majority interest in the Natuna Sea Block A (including the Anoa oil field).

In 1998, Premier and Shell created a joint venture company in Pakistan which was involved in 11 concessions and five significant gas fields. In May 2001, Shell pulled out of this project (further information in Corporate Crimes).

Premier Oil aimed to establish itself as a leading independent oil & gas production company in Asia through strategic partnerships with Petronas and Amerada Hess. [1]

UK fracking investments

Revolving door

Legal and lobbying consultancies retained

Market share / importance

In 2000 Premier was a relatively small company devoted entirely to the 'upstream' sector of the industry - the exploitation of oil and gas - as opposed to the 'downstream' refining and retail sector. In 2000 the company had 445 employees and a sales of £99.4 million (US$ 136.35 million). [3]

Resources

Notes

  1. Most of the information is in this section was gathered from 'Our History' at Premier Oil's homepage in 2008.
  2. Department for Business, Enterprise and Regulatory Reform Rick Haythornthwaite Accessed 29 January 2008
  3. Premier Oil, Annual Report & Accounts 2000