Business Presentation – Opportunities with Premier Oil
21 February, 2017
On Tuesday 21st February, the EIC held the event “Business Presentation: Opportunities with Premier Oil” in the Rio office.
Mr. Nathan Biddle, Premier Oil Brazil’s Project Manager, explained more about the company’s position in Brazil, its exploration plans, and how their procurement processes works.
Premier Oil is a British company established in 1934 with 5 business units as core areas: UK, Pakistan, Indonesia, Vietnam and Falklands. The company’s current production is 80 kboepd and reserves/resources are c.800 mmboe. In the Americas, there is exploration ongoing in Brazil and Mexico and development in the Falkland Islands.
Since 2015, the company was awarded blocks 717 and 665 in Brazil’s 11th Bid Round and successfully farmed-in to 661. Exploration is ongoing through July 2019 and the seismic acquisition was completed in early 2016. There is commitment to drill three exploration wells: one in block CE-M-661 and two in block CE-M-771.
The choice for the Ceará’s basin, instead of Santos and Campos basin, is due to geological similarity to Africa and the proximity to shore as it entails smaller logistical challenges. Projects in the northeast of Brazil can be a good fit in terms of size as they avoid competing with big IOCs, for whom the project can be considered quite small. For the independent however, they are considered as great investment given the potential of the region.
Next steps are to make an exploration discovery, evaluate size of field and to declare commerciality and apply for an approval for field development.
If you want to know more about this event, send us an email at firstname.lastname@example.org.
The EIC team would like to thank Mr. Nathan Biddle for all his kindness and time to deliver us such a good and enlightening presentation.