Mr Tony Durrant, CEO, Premier Oil discusses the outlook for North Sea oil today.
Whatever we say today about the outlook for North Sea oil will be well out of date by the time Tony Durrant comes to talk to us. As we write, most comment is negative, with much gloomy contemplation of the North Sea’s costs of production and continued downward pressure on oil prices, including for example the revival of Iranian oil exports. But there are some counterviews – for example that of the Texas-based Apache Oil, recently announcing that its North Sea operations will be a priority area taking the largest share of their regional activities. A while ago Tony remarked that falling oil prices “have delivered a much-needed shock to the North Sea industry” and would “prove a catalyst for the industry’s revival - we’re all searching for ways to make ourselves more efficient. Necessity is the mother of invention.”
Premier Oil is one of the longest standing independent operators in the North Sea, where notably there is considerable scope for finding synergies and sharing facilities. Tony was appointed CEO in June 2014, having served as the company’s CFO for some nine years. Previously he was a Managing Director and Head of the European Natural Resources Group at Lehman Brothers. He will have some very hands-on, directly engaged views on developments.
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