Premier Oil Company from Mia Crown's blog

Premier Oil Company was founded in 1934 in Scotland and started its operation as the Caribbean Oil Company, which was specialized on gas and oil exploration and production in Trinidad. In two years, the company was openly represented in London as Premier Oilfields, which was concentrated on oil production in Trinidad for the next two decades. Between 1980s and 1990s, the company started a series of successful explorations that helped to discover the Qadirpur gas field in Pakistan, the Yetagun gas field in Myanmar, and the Angus and Fife fields in the UKCS.

From 1996 to 1998, Premier Oil Company turned its attention to the Far East region been aimed to develop energy resources that would help the local rapidly expand economies. Thus, its offshore activity started with opening new fields in Indonesia. At that time, the company was the original licensee of some concessions in Myanmar. Shortly afterwards, Premier Oil Company farmed out Myanmar assets and consolidated Pakistan assets. Between 1998 and 2005, the company consolidated its position as a leading production company in Asian markets and exited sale of Myanmar business. In 2005, Premier established its activities in four regions: Middle East-Pakistan, Asia, West Africa, and North Sea.

Nowadays, Premier Oil Company is a leading independent exploration and production corporation, which possesses strong businesses in the UK, Vietnam, Indonesia, and Pakistan. In these countries, the company gains good quality funds across the cycle. Currently, Premier Oil aims to continue its growth by means of successful explorations, optimal asset management, and long-sighted commercial deals. The key factor of the company's success is maintaining concentration on creating a high quality business supported by the strength of the company's balance sheet within the cycle.

As was mentioned above, the company manages its business in such regional business units as Asia and Middle East, North Sea, Pakistan, and Africa. Each business unit has exploration, development, and production operations. In the aggregate, Premier Oil Company manages 527 million barrels resource base of oil. By the end of 2011, its probable and proven reserves made about 296 million barrels of oil equivalent. The next year, the company purchased EnCore Oil Plc. In mid 2013, Premier Oil Company declared that it sold 100 percent interest in totally-owned associated Premier Oil Vietnam South BV.

Besides, Premier Oil Company is a leading supplier of the down-hole drilling motors to the gas and oil industry. The motors provided by Premier are widely applied in the gas and oil well drilling processes in order to drill out debris in the well bore such as frac plugs and others. Coil Tubing Motors Corporation is a subsidiary company of Premier Oil Company. The current services of the company include Oilfield services and Environmental services. Environmental services unite Environmental system, Environmental consultancy, ISO 14001, HazMat Training, and Waste Management. Oilfield services combine Customer clearance, Cleaning and preparation, Decontamination, Load testing equipment, Instrumentation, Manpower services, Pipeline ancillaries, Surface coatings, safety equipment, Treatment chemicals, and Tank cleaning.

The strategy of the company is to add significant denomination for its current and potential shareholders by means of appraisal and exploration success, optimal asset management and development, and long-sighted commercial deals. In particular, Premier Oil Company is directed with five basic elements of its business strategy. The company aims to increase its near-term production of oil to 75,000 BOEPD from the existing reserves base and promote its further growth by means of commercializing its contingent resources. The company strives to add 200 million barrels of oil and expand value-adding acquisitions in its business units. Finally, Premier Oil Company intends to keep financial strength and admission to financial market throughout the cycle.