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{{Use dmy dates|date=January 2019}}
{{Infobox company
type = [[Public company|Public]] <br>({{lse|PMO}}) |▼
| logo_size = 200px
company_slogan = |▼
foundation = 1934|▼
| traded_as = {{lse|PMO}}
location = [[London]], [[United Kingdom|UK]]|▼
key_people = Mike Welton, ([[Chairman]]Mokete Shaw )<br>Anthony R. C. Durrant, ([[CEO]])|▼
revenue = [[Dollar|$]]1,629.4 million (2014)<ref name=prelims>{{cite web|url=http://www.premier-oil.com/premieroil/dlibrary/panda/PremOil_2014AnnualResults_26Feb2015_PressRelease_0.pdf |title=Preliminary Results 2014|publisher=Premier Oil|accessdate=1 April 2015}}</ref>|▼
operating_income=[[Dollar|$]](248.1) million (2014)<ref name=prelims/>|▼
▲
net_income = [[Dollar|$]](210.3) million (2014)<ref name=prelims/>|▼
▲
num_employees = |▼
industry = [[Oil]]|▼
products = |▼
homepage = [http://www.premier-oil.com www.premier-oil.com]▼
}}
'''Premier Oil plc'''
== History ==
The Company started trading in 1934 as the ''Caribbean Oil Company'' with the intention of pursuing oil and gas exploration and production activities in
In 1984, the Company took a 12½% stake in the onshore oilfield at [[Wytch Farm]] in [[Dorset]].<ref>“Geology of The Dorset Coast” House, M.R. London,The Geologists' Association 1993 ISBN 0900717580</ref>▼
▲In 1984, the Company took a 12½% stake in the onshore oilfield at [[Wytch Farm]] in [[Dorset]].<ref>
In the late 1980s and early 1990s, Premier enjoyed a series of exploration successes, notably the discovery of the Qadirpur gas field in Pakistan in 1990, the Fife and Angus fields in the UK Continental Shelf and the [[Yetagun]] gas field in Myanmar in 1992, as well as the offshore extension to Wytch Farm.<ref name=history/> The Yetagun transaction involved Premier entering into a deal directly with the Myanmar government.<ref>{{cite web|url=http://www.corporatewatch.org.uk/?lid=300|title=Corporate Watch : Premier Oil plc : Corporate Crimes|work=corporatewatch.org.uk|access-date=1 April 2015}}</ref>
In 1995, Premier acquired Pict Petroleum. As a consequence, [[Hess Corporation|Amerada Hess]] which had a substantial stake in Pict came to hold 25% of Premier's enlarged equity. From this point, Premier was participating in numerous [[North Sea oil]] and gas fields, including Fife, Fergus, Galahad and Scott.<ref>{{cite web|url=http://www.acorn-ps.com/web/page/oilgas/oilcom/pre.htm|title=Premier Oil - UK contact details and mergers & acquisitions|author=Graham Hulbert|work=acorn-ps.com|accessdate=1 April 2015}}</ref>▼
▲In 1995, Premier acquired Pict Petroleum. As a consequence, [[Hess Corporation|Amerada Hess]] which had a substantial stake in Pict came to hold 25% of Premier's enlarged equity. From this point, Premier was participating in numerous [[North Sea oil]] and gas fields, including Fife, Fergus, Galahad and Scott.<ref>{{cite web|url=http://www.acorn-ps.com/web/page/oilgas/oilcom/pre.htm|title=Premier Oil - UK contact details and mergers & acquisitions|author=Graham Hulbert|work=acorn-ps.com|
In 1996 the Company diverted its attention to the [[Far east]] acquiring ''Sumatra Gulf Oil Limited'', which had interests in [[Indonesia]],<ref name=history/> and in 1997 went further buying [[Texaco]]'s interests in [[Myanmar]].<ref name=history/>▼
▲In 1996, the Company diverted its attention to the
In 1998, Premier and [[Royal Dutch Shell|Shell]] brought together their exploration and production interests in Pakistan to form a joint venture company, PSP (Premier & Shell Pakistan).<ref name=history/> In May 2001, Premier announced an [[asset swap]] with Shell which dismantled the partnership and, in September 2001, the formation of a new joint venture with Kufpec called Premier Kufpec Pakistan (PKP).<ref name=history/> Premier and Kufpec unwound the PKP joint venture in July 2007.<ref>{{cite web|url=http://www.gasandoil.com/goc/company/cns73463.htm|title=Premier and Kufpec to split Pakistani venture|work=gasandoil.com|accessdate=1 April 2015}}</ref>▼
▲In 1998, Premier and [[Royal Dutch Shell|Shell]] brought together their exploration and production interests in Pakistan to form a joint venture company, PSP (Premier & Shell Pakistan).<ref name=history/> In May 2001, Premier announced an [[asset swap]] with Shell which dismantled the partnership and, in September 2001, the formation of a new joint venture with Kufpec called Premier Kufpec Pakistan (PKP).<ref name=history/> Premier and Kufpec unwound the PKP joint venture in July 2007.<ref>{{cite web|url=http://www.gasandoil.com/goc/company/cns73463.htm|archive-url=https://archive.today/20130627111246/http://www.gasandoil.com/goc/company/cns73463.htm|url-status=dead|archive-date=27 June 2013|title=Premier and Kufpec to split Pakistani venture|work=gasandoil.com|
[[Petronas]], the [[Malaysia]]n oil company, decided to invest significant cash in the Company in 1999 buying a 25% stake.<ref>[http://findarticles.com/p/articles/mi_qn6207/is_20020901/ai_n24905508/pg_2 The Petronas stable]</ref>▼
▲[[Petronas]], the
A restructuring took place in 2002 which saw [[Petronas]] and [[Hess Corporation|Amerada Hess]] each give up their 25% holdings in Premier Oil in return for taking various Premier assets. [[Petronas]] received the Group's interest in [[Myanmar]] as well as stakes in [[Indonesia]]n interests. [[Hess Corporation|Amerada Hess]] received a 23% stake in a key Natuna oil field in [[Indonesia]].<ref>[http://findarticles.com/p/articles/mi_qn4158/is_/ai_n12647783 Premier worth exploring on bid hopes]</ref>▼
▲A restructuring took place in 2002 which saw [[Petronas]] and
In 2004 the Company acquired a 75% stake in an oil interest in [[Vietnam]].<ref>{{cite web|url=http://www.gasandoil.com/goc/company/cns44070.htm|title=Premier Oil is Delek Energy's new partner in Vietnam prospect|work=gasandoil.com|accessdate=1 April 2015}}</ref>▼
▲In 2004 the Company acquired a 75% stake in an oil interest in
In April 2014, Premier rejected two secret bid approaches from [[Ophir Energy]] which wanted to combine both firms into an oil exploration group for around £3 billion. Premier Oil’s board unanimously rejected the bid.<ref>{{Citation▼
| url = http://uk.reuters.com/article/2014/04/27/uk-premier-oil-ophir-idUKBREA3Q08420140427▼
▲In April 2014, Premier rejected two secret bid approaches from [[Ophir Energy]] which wanted to combine both firms into an oil exploration group for around £3 billion. Premier
| title= Premier spurns Ophir bid to forge $5 billion oil group
| year = 2014
Line 44 ⟶ 48:
}}</ref>
In June 2014, the company received final approval from the UK [[Department of Energy and Climate Change]] for the development of the Catcher area oil and gas block in the
In January
In July 2017, Premier Oil's shares rose nearly 40 percent on news it discovered potentially more than 1 billion barrels of oil off the coast of Mexico in the Zama-1 formation, a project in which it holds a 25 percent interest in the block alongside [[Talos Energy]] and Sierra Oil and Gas.<ref>{{cite web|title=Premier Oil's major Mexican oil discovery boosts shares|date=2017-07-12|publisher=Reuters|url=https://www.reuters.com/article/us-premier-oil-discovery-mexico-idUSKBN19X0M2|access-date=2017-07-14}}</ref>
In March 2021, it was announced that the company would be acquired by Chrysaor Holdings.<ref name=wo>{{cite web|url=https://www.worldoil.com/news/2020/10/6/chrysaor-acquires-premier-oil-becomes-the-north-sea-s-top-oil-and-gas-producer |title= Chrysaor acquires Premier Oil, becomes the North Sea's top oil and gas producer|date=10 June 2020|newspaper =World Oil| access-date=3 August 2021}}</ref> In March 2021, Chrysaor Holdings and Premier Oil were merged and absorbed into [[Harbour Energy]].<ref name=market>{{Cite news|date=8 April 2021|title=Here's what to know as Harbour Energy becomes London's top independent oil-and-gas group|work=Marketwatch.com|url=https://www.marketwatch.com/story/heres-what-to-know-as-harbour-energy-becomes-londons-top-independent-oil-and-gas-group-11617887743|access-date=26 April 2021}}</ref> Harbour Energy had been the largest shareholder in Chrysaor Holdings.<ref>{{cite news|url= https://www.financierworldwide.com/shell-sells-38bn-of-north-sea-assets-to-chrysaor#.YQmM1Y5KiUk |title= Shell sells $3.8bn of North Sea assets to Chrysaor|date=1 August 2017|newspaper= Financier Worldwide Magazine|access-date=3 August 2021}}</ref>
▲In January the UK listed share price was suspended by request of the company <ref name="Share Compare1">{{cite news|title=suspension|url=http://www.sharecompare.co.uk/shares/PMO.L/rns/1706348-suspension.html|accessdate=15 February 2016|publisher=[[Share Compare]]}}</ref> pending an announcement, which was regarding the potential acquisition of assets by Premier which might be regarded as a reverse takeover. Trading recommenced on the 1st February 2016, with the company announcing that it had agreed to acquire the whole of E.ON's UK North Sea assets for a net consideration of $120 million. <ref name="Share Compare2">{{cite news|title=Premier Oil Up as Trading Re-commences |url=http://www.sharecompare.co.uk/news/427y1derjlz7akh-Premier-Oil-Up-as-Trading-Re-commences.html|accessdate=15 February 2016|publisher=[[Share Compare]]}}</ref>
==Operations==
*Brazil
*[[United Kingdom]]▼
*Falkland Islands
*[[Pakistan]]▼
*
*Mauritania
*[[Vietnam]]▼
*Mexico
==See also==
Line 70 ⟶ 76:
* [http://www.premier-oil.com Official site]
{{Authority control}}
[[Category:Oil and gas companies of the United Kingdom]]
[[Category:Companies based in
[[Category:Non-renewable resource companies established in 1934]]
[[Category:Companies listed on the London Stock Exchange]]
[[Category:Economy of the Falkland Islands]]
[[Category:1934 establishments in the British Empire]]
|
Latest revision as of 11:47, 24 March 2023
Company type | Public |
---|---|
LSE: PMO | |
ISIN | GB00B43G0577 |
Industry | Oil |
Founded | 1934 |
Headquarters | London, UK |
Key people | Roy Franklin, (Chairman) Anthony R. C. Durrant, (CEO) |
Revenue | $1,584.7 million (2019)[1] |
$455.0 million (2019)[1] | |
$164.3 million (2019)[1] | |
Website | www.premier-oil.com |
Premier Oil plc was an independent UK oil company with gas and oil interests in the United Kingdom, Asia, Africa and Mexico. It was devoted entirely to the 'upstream' sector of the industry — the exploitation of oil and gas — as opposed to the 'downstream' refining and retail sector. It was listed on the London Stock Exchange until it was acquired by Chrysaor Holdings and then merged into Harbour Energy in March 2021.
History[edit]
The Company started trading in 1934 as the Caribbean Oil Company with the intention of pursuing oil and gas exploration and production activities in Trinidad.[2] It was first listed on the London Stock Exchange in 1936 as Premier (Trinidad) Oilfields[2] For the next two decades, the Company concentrated its attention on oil production in Trinidad.[2]
The Company acquired its first interest in the North Sea in 1971; it expanded its operations in the UK Continental Shelf throughout the 1970s, merging with the Ball and Collins North Sea Consortium in 1977[3] to gain significant interests in the North Sea as well as properties in Sudan and West Africa. In 1984, the Company took a 12½% stake in the onshore oilfield at Wytch Farm in Dorset.[4]
In the late 1980s and early 1990s, Premier enjoyed a series of exploration successes, notably the discovery of the Qadirpur gas field in Pakistan in 1990, the Fife and Angus fields in the UK Continental Shelf and the Yetagun gas field in Myanmar in 1992, as well as the offshore extension to Wytch Farm.[2] The Yetagun transaction involved Premier entering into a deal directly with the Myanmar government.[5]
In 1995, Premier acquired Pict Petroleum. As a consequence, Amerada Hess which had a substantial stake in Pict came to hold 25% of Premier's enlarged equity. From this point, Premier was participating in numerous North Sea oil and gas fields, including Fife, Fergus, Galahad and Scott.[6]
In 1996, the Company diverted its attention to the Far east acquiring Sumatra Gulf Oil Limited, which had interests in Indonesia,[2] and in 1997, went further buying Texaco's interests in Myanmar.[2]
In 1998, Premier and Shell brought together their exploration and production interests in Pakistan to form a joint venture company, PSP (Premier & Shell Pakistan).[2] In May 2001, Premier announced an asset swap with Shell which dismantled the partnership and, in September 2001, the formation of a new joint venture with Kufpec called Premier Kufpec Pakistan (PKP).[2] Premier and Kufpec unwound the PKP joint venture in July 2007.[7]
Petronas, the Malaysian oil company, decided to invest significant cash in the Company in 1999 buying a 25% stake.[8]
A restructuring took place in 2002 which saw Petronas and Amerada Hess each give up their 25% holdings in Premier Oil in return for taking various Premier assets. Petronas received the Group's interest in Myanmar as well as stakes in Indonesian interests. Amerada Hess received a 23% stake in a key Natuna oil field in Indonesia.[9]
In 2004 the Company acquired a 75% stake in an oil interest in Vietnam.[10]
In April 2014, Premier rejected two secret bid approaches from Ophir Energy which wanted to combine both firms into an oil exploration group for around £3 billion. Premier Oil's board unanimously rejected the bid.[11]
In June 2014, the company received final approval from the UK Department of Energy and Climate Change for the development of the Catcher area oil and gas block in the North Sea, of which the company owns 50% and has operating rights. Oil was expected to be flowing by mid-2017.[12]
In January 2016, its shares were suspended [13] pending an announcement, regarding potential acquisition of assets by Premier which might be regarded as a reverse takeover. Trading recommenced on 1 February 2016, with the company announcing that it had agreed to acquire the whole of E.ON's UK North Sea assets for a net consideration of $120 million.[14]
In July 2017, Premier Oil's shares rose nearly 40 percent on news it discovered potentially more than 1 billion barrels of oil off the coast of Mexico in the Zama-1 formation, a project in which it holds a 25 percent interest in the block alongside Talos Energy and Sierra Oil and Gas.[15]
In March 2021, it was announced that the company would be acquired by Chrysaor Holdings.[16] In March 2021, Chrysaor Holdings and Premier Oil were merged and absorbed into Harbour Energy.[17] Harbour Energy had been the largest shareholder in Chrysaor Holdings.[18]
Operations[edit]
As of April 2017, the Company holds licence interests in the following countries:[19]
- Brazil
- Falkland Islands
- Indonesia
- Mauritania
- Mexico
- Pakistan
- United Kingdom
- Vietnam
See also[edit]
References[edit]
- ^ a b c "Annual Results 2019" (PDF). Premier Oil. Retrieved 3 March 2020.
- ^ a b c d e f g h "Home". premier-oil.com. Archived from the original on 17 February 2012. Retrieved 1 April 2015.
- ^ "Premier Oil plc". corporatewatch.org. Retrieved 1 April 2015.
- ^ "Geology of The Dorset Coast" House, M.R. London, The Geologists' Association 1993 ISBN 0900717580
- ^ "Corporate Watch : Premier Oil plc : Corporate Crimes". corporatewatch.org.uk. Retrieved 1 April 2015.
- ^ Graham Hulbert. "Premier Oil - UK contact details and mergers & acquisitions". acorn-ps.com. Retrieved 1 April 2015.
- ^ "Premier and Kufpec to split Pakistani venture". gasandoil.com. Archived from the original on 27 June 2013. Retrieved 1 April 2015.
- ^ The Petronas stable
- ^ "Ownership deal turns Premier Oil into bid target Shares rise 6% as Petronas and Amerada Hess give up stakes". Herald Scotland. 17 September 2002. Retrieved 24 March 2023.
- ^ "Premier Oil is Delek Energy's new partner in Vietnam prospect". gasandoil.com. Archived from the original on 31 May 2006. Retrieved 1 April 2015.
- ^ Premier spurns Ophir bid to forge $5 billion oil group, International: Reuters, 2014
- ^ "Green signal to Premier's Catcher area oil block development". BBC News. Retrieved 22 September 2014.
- ^ "Premier Oil's major Mexican oil discovery boosts shares". Reuters. 12 July 2017. Retrieved 14 July 2017.
- ^ "Chrysaor acquires Premier Oil, becomes the North Sea's top oil and gas producer". World Oil. 10 June 2020. Retrieved 3 August 2021.
- ^ "Here's what to know as Harbour Energy becomes London's top independent oil-and-gas group". Marketwatch.com. 8 April 2021. Retrieved 26 April 2021.
- ^ "Shell sells $3.8bn of North Sea assets to Chrysaor". Financier Worldwide Magazine. 1 August 2017. Retrieved 3 August 2021.
- ^ "Global Licence Interests". premier-oil.com. Retrieved 14 July 2017.