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Premier Oil finalized concept for Norway Bream-Mackerel FPSO

Premier Oil and KUFPEC move Bream FPSO to FEED

2B1st_Project_Smart_Explorer_Sales_Pursuit_ToolThe London-based junior company Premier Oil plc (Premier Oil) and its partners, the national oil company (NOC) Kuwait Foreign Petroleum Exploration Company (KUFPEC) and the other London-headquartered junior company Tullow Oil plc (Tullow) finalized the conceptual study for the development of the offshore Bream and Mackerel oil fields in the Norway Continental Shelf (NCS).

Phillips Petroleum Company (Phillips) discovered Bream oil field in 1972 as part of the Block 17/12 and then left it undeveloped.

Bream lies approximately 160 kilometers southwest Stavanger in the shallow water of the Norwegian North Sea by 115 meters water depth and 4,298 meters total depth.

In 2007, the UK BG Group (BG) acquired the Block 17/12 with partners including Premier Oil from Phillips.

In 2009, BG started Bream appraisal operations with success.

Premier-Oil_KUFPEC_Tullow_Bream_FPSO_MapThen in 2012 and 2013, Premier Oil and KUFPEC increased their interests in Bream and equalized their shares between the production licences PL 407, where is Bream, and the PL 406, where is Mackerel.

As a result of these financial operations, Premier Oil and its partners share the working interests in the PL 407 and PL 406 as following:

 – Premier Oil 50% is the operator

 – KUFPEC 30%

 – Tullow 20%

From the appraisal campaign performed on the PL 407 and PL 406, Bream field and Mackerel field are estimated to hold 50 million barrels of oil equivalent (boe) of 2C resources.  

Premier Oil to develop Bream – Mackerel on fast track

In addition to Bream and Mackerel commercially declared resources Premier Oil identified number of potential upsides reserves such as Herring.

Snce then Premier Oil and its partners worked on the conceptual study to develop Bream and Mackerel with potential future tie-back expansion.

Premier-OIl_KUFPEC_Tullow_Bream_Mackerel_Sevan_FPSOFrom this feasibility study, Premier Oil, KUFPEC and Tullow agreed on a solution based on a floating, production, storage and offloading (FPSO) vessel to be moored above Bream field.

The subsea system should include subsea production wells and water injection wells.

Then Mackerel should be developed with a subsea tie-back connected to the Bream FPSO 17 kilometers away.

Later on Herring prospect should also be connected as a tie-back to Bream FPSO.

From this Bream FPSO centric conceptual development scheme, Premier Oil and its partners KUFPEC and Tullow are now moving into the front end engineering and design (FEED) in order to evaluate the feasibility and the costs estimates of the Bream project in these conditions.

Considering that Premier Oil and Tullow  have already experienced successfully such a design to develop similar oil fields in the North Sea, they could decide at the end of the FEED work to move on fast track on the Bream

FPSO project and to make the final investment decision (FID) in following on first quarter 2015 in order to start first shipments by 2018

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