Oil and gas exploration company Premier Oil has raised its interest in the UK onshore oilfield Wytch Farm by 17 per cent.
Premier will pay current operator BP $96 million for the additional interest, which will take its total stake up to approximately 30 per cent.
Wytch Farm is currently producing approximately 13,000 barrels of oil equivalent per day. Located in Dorset around 17 miles from Poole, the oilfield comprises three separate oil reservoirs that lie under Poole Harbour and Poole Bay.
Wytch Farm is Western Europe's largest onshore oilfield.
BP is due to transfer operatorship of the oilfield to the UK arm of French exploration company Perenco, who on completion will hold a 50.1 per cent interest in the asset.
Premier said the acquisition provided it with an attractive opportunity to increase its existing interests in a material package of producing oil assets with significant upside potential.
Commenting, Premier CEO Simon Lockett said:"We are pleased to have this opportunity to increase our equity stake in one of our quality core producing assets to over 30 per cent. In addition, it allows us to make efficient use of Premier’s large existing pool of tax allowances.
“We look forward to working with Perenco to deliver maximum value from Wytch Farm."
Headquartered in London, Premier is focused on the North Sea & West Africa, Middle East & Pakistan, and Asia.
