Premier Oil Snags BP Fields in a Sweet $625 Million Deal
What’s the scoop?
Premier Oil pulled a quick bargain: they’re buying five of BP’s North Sea oil fields for $625 million. Those fields sit in the Andrew Area—a spot smack‑midway between Scotland and Denmark.
Why it matters
- Premier’s boss Tony Durrant says the grab is “materially value‑accretive” and lines up with their strategy of snagging cash‑generative assets in the UK North Sea.
- It’s a direct hit on their bottom line—think of it as adding a turbocharger to a mid‑size sports car.
- It deepens Premier’s presence just where the industry’s oil gushes.
What’s next?
While the deal sits on its final regulatory checks, the numbers already give Premier a solid growth boost. In short: bigger assets, better cash flow, and a stronger bite in the North Sea.
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