London: Premier Oil, a crude and natural gas explorer in London which focuses on Vietnam and Indonesia, expects 2011 oil and gas production to rise after maintenance works disrupted operations at some UK North Sea fields.
Output would increase to between 45,000 and 50,000 barrels of oil equivalent a day from an average of 42,800 barrels last year, a Premier spokesman said yesterday.
Maintenance issues forced the closure of the Balmoral field and a halt of gas exports at Scott in the North Sea last month, the spokesman said.
The Witch Farm deposit was shut down due to a leak in a pipeline discovered in November.
Last year "saw strong production performance from fields in Indonesia and Pakistan," the company spokesman said.
"This was offset by increased maintenance activity in the North Sea, particularly during the second half."
Strong demand
Shares were little changed, rising two pence to £2.024 (Dh11.73) in London. They've gained 40 per cent in six months.
Premier's output was propped up by strong gas demand in Singapore and Pakistan in 2010.
The company said it planned to invest about $525 million to develop projects, primarily in Vietnam, Indonesia and the UK, with output planned to start this year or early 2012.
Premier also planned to invest about $200 million in exploration to drill at least 20 wells in the UK, Norway, Egypt, Vietnam and Pakistan.
