While the self-anointed elites in the European Union lecture the rest of the planet on environmental responsibility, their neighbors in the UK are sucking oil out of the North Sea at a record pace.
The Financial Times reports that Premier Oil has produced first oil from its flagship development in the North Sea, a milestone that will help the UK explorer and producer start repaying its significant debt load.
First oil from the $1.6bn Catcher project was achieved on the afternoon of December 23, the company said on Wednesday.
The North Sea development is expected to initially produce about 10,000 barrels of oil per day, before ramping up to 60,000 b/d in the first half of 2018. This will add 30,000 b/d to Premier’s overall production — it is the operator of the development with a 50 per cent equity stake. Other partners include London-listed Cairn Energy, Dutch oil and gas investor Dyas and Hungary’s MOL.