Premier Oil
A former UK upstream oil and gas company with exploration and production interests across the North Sea, Asia, Africa and Mexico.
Last updated August 26, 2026
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Overview
Premier Oil was an independent United Kingdom oil and gas exploration and production company focused exclusively on the upstream part of the petroleum industry. Its activities covered the finding, appraisal, development and production of crude oil and natural gas, rather than refining, fuel retailing or other downstream businesses. The company was headquartered in London and, during its existence, built a geographically diverse portfolio spanning the United Kingdom Continental Shelf, Trinidad and Tobago, Indonesia, Pakistan, Myanmar, Vietnam, Mexico, Mauritania, Brazil and the Falkland Islands, among other areas. The business began trading in 1934 as the Caribbean Oil Company, established to pursue exploration and production opportunities in Trinidad. It entered the London Stock Exchange in 1936 under the name Premier (Trinidad) Oilfields and spent its first two decades concentrating primarily on Trinidadian production. A major strategic shift began in 1971, when Premier obtained its first interest in the North Sea. During the 1970s it expanded through the UK Continental Shelf and in 1977 merged with the Ball and Collins North Sea Consortium. That transaction gave Premier a larger North Sea position and additional properties in Sudan and West Africa. Premier continued to broaden its upstream portfolio through discoveries, acquisitions, partnerships and asset exchanges. It acquired a 12.5% interest in the onshore Wytch Farm oilfield in Dorset in 1984. Exploration successes in the late 1980s and early 1990s included the Qadirpur gas field in Pakistan, the Fife and Angus fields in the UK Continental Shelf, and the Yetagun gas field in Myanmar. The company entered the Far East more decisively during the 1990s, acquiring Sumatra Gulf Oil and later Texaco's Myanmar interests. In 1995, its acquisition of Pict Petroleum enlarged the company and resulted in Amerada Hess holding a substantial equity position. The company also used joint ventures and portfolio restructuring to manage its international interests. Premier and Shell combined their Pakistani exploration and production activities in 1998, later unwinding that arrangement through an asset swap and forming a separate venture with Kufpec. Premier subsequently exited or reshaped several holdings, including its Australian business and parts of its Indonesian and Myanmar portfolios. In 2002, Petronas and Amerada Hess exchanged their equity holdings in Premier for selected assets, substantially changing the company's ownership and operating structure. Premier later expanded into Vietnam, acquiring a 75% interest in an oil interest there in 2004. In the 2010s, Premier remained active in the North Sea while pursuing international growth. Its board rejected two approaches from Ophir Energy in 2014. That same year, the company received final UK regulatory approval for development of the Catcher area in the North Sea, in which it held a 50% interest and operatorship. In 2016, Premier acquired E.ON's UK North Sea assets for a net consideration of $120 million after a temporary share-trading suspension connected with the transaction. In 2017, its shares rose sharply after the Zama-1 discovery offshore Mexico, in which Premier held a 25% interest alongside Talos Energy and Sierra Oil and Gas. Premier Oil ceased to exist as an independent listed company in March 2021. Chrysaor Holdings acquired the company, and the two businesses were combined and absorbed into Harbour Energy. The transaction ended Premier Oil's separate corporate and stock-market identity, while its upstream assets and operating activities became part of Harbour Energy's portfolio.
History
Premier Oil began trading in 1934 as the Caribbean Oil Company, a business created to pursue oil and gas exploration and production in Trinidad. It became publicly listed in London in 1936 as Premier (Trinidad) Oilfields. During its early decades, the company concentrated on Trinidadian oil production, but its strategic direction changed as it sought a broader international upstream portfolio. Premier entered the North Sea in 1971 and expanded across the UK Continental Shelf during the 1970s. Its 1977 merger with the Ball and Collins North Sea Consortium materially increased its North Sea interests and also brought properties in Sudan and West Africa. In 1984, the company acquired a 12.5% interest in Wytch Farm in Dorset, one of the United Kingdom's important onshore oilfields. A series of exploration and portfolio developments strengthened Premier during the late 1980s and 1990s. The company participated in the discovery of the Qadirpur gas field in Pakistan in 1990, the Fife and Angus fields in the UK Continental Shelf, and the Yetagun gas field in Myanmar in 1992. It also pursued the offshore extension of Wytch Farm. In 1995, Premier acquired Pict Petroleum. Amerada Hess, which had held a significant interest in Pict, consequently became a major shareholder in the enlarged Premier. Premier moved further into Asia through the acquisition of Sumatra Gulf Oil in 1996 and Texaco's Myanmar interests in 1997. In 1998, it joined Shell in combining their Pakistani exploration and production interests in a venture known as PSP. An asset swap announced in 2001 dismantled that arrangement, and Premier subsequently formed Premier Kufpec Pakistan with Kufpec. That venture was unwound in 2007. Premier also restructured its Australian and Indonesian interests. Petronas acquired a 25% stake in 1999, while Premier sold its Australian business to Australian Worldwide Exploration and later acquired and disposed of a shareholding in that company. A broader restructuring in 2002 saw Petronas and Amerada Hess surrender their 25% holdings in Premier in exchange for selected assets. Petronas received Premier's Myanmar and certain Indonesian interests, while Amerada Hess received a stake in a key Indonesian Natuna oilfield. Premier subsequently acquired a 75% interest in a Vietnamese oil interest in 2004. During the 2010s, Premier combined North Sea development with international exploration. Its board rejected two approaches from Ophir Energy in 2014. The company obtained final UK approval for the Catcher area development that year, holding a 50% interest and operatorship. In 2016, after a temporary suspension of its shares related to a potential transaction, Premier agreed to buy E.ON's UK North Sea assets for a net $120 million. In 2017, a discovery at the Zama-1 formation offshore Mexico drew strong market attention; Premier held a 25% interest alongside Talos Energy and Sierra Oil and Gas. In March 2021, Chrysaor Holdings acquired Premier Oil. The two businesses were merged into Harbour Energy, ending Premier Oil's status as a separately listed UK oil and gas company.
- 2021
Merger into Harbour Energy
[1]Chrysaor Holdings acquired Premier Oil and merged the businesses into Harbour Energy.
- 2017
Zama-1 offshore Mexico discovery
[1]Premier held a 25% interest in the Zama-1 discovery offshore Mexico with Talos Energy and Sierra Oil and Gas.
- 2016
Acquisition of E.ON UK North Sea assets
[1]Premier agreed to acquire E.ON's UK North Sea assets for a net consideration of $120 million.
- 2014
Catcher development approval
[1]The UK government granted final approval for development of the Catcher area in the North Sea.
- 2004
Expansion into Vietnam
[1]Premier acquired a 75% stake in a Vietnamese oil interest.
- 1998
Pakistan venture with Shell
[1]Premier and Shell combined their Pakistani exploration and production interests in a joint venture.
- 1995
Acquisition of Pict Petroleum
[1]The acquisition expanded Premier's North Sea portfolio and resulted in Amerada Hess becoming a major shareholder.
- 1992
Yetagun discovery in Myanmar
[1]The company participated in the discovery of the Yetagun gas field in Myanmar.
- 1990
Qadirpur gas discovery
[1]Premier participated in the discovery of the Qadirpur gas field in Pakistan.
- 1984
Investment in Wytch Farm
[1]Premier took a 12.5% interest in the onshore Wytch Farm oilfield in Dorset.
Products and positioning
International independent upstream oil and gas exploration and production company.
Upstream petroleum production
Crude oil
Crude oil was one of Premier Oil's principal production outputs. The company participated in oilfield exploration, appraisal, development and production across the North Sea and several international jurisdictions. It operated as an upstream producer and did not present itself as a refining or retail fuel brand.
Upstream natural gas production
Natural gas
Natural gas was the other major output of Premier Oil's upstream portfolio. The company's gas interests included projects and discoveries in Pakistan, Myanmar, the United Kingdom and other operating regions. Its business model centered on finding and producing hydrocarbons rather than processing them into consumer products.
Brand decisions
2021
Accepting acquisition by Chrysaor HoldingsM&ABackground
Premier Oil remained a listed independent oil and gas company before agreeing to combine with Chrysaor Holdings.
Action taken
Chrysaor acquired Premier Oil, and the combined businesses were merged into Harbour Energy.
Aftermath
Premier Oil ceased to operate as a separate corporate and listed entity in March 2021.
2016
Acquiring E.ON's UK North Sea assetsM&ABackground
Premier's shares were temporarily suspended pending an announcement about a transaction that could have been treated as a reverse takeover.
Action taken
The company agreed to acquire E.ON's UK North Sea assets for a net consideration of $120 million.
Aftermath
Trading resumed on 1 February 2016 and Premier enlarged its UK North Sea asset base.
Net acquisition consideration. $120 million (2016)
2014
Rejecting Ophir Energy approachesM&ABackground
Ophir Energy made two confidential approaches concerning a possible combination with Premier Oil.
Action taken
Premier Oil's board unanimously rejected the approaches.
Aftermath
Premier continued as an independent listed company and pursued its own North Sea and international portfolio strategy.
2014
Proceeding with Catcher area developmentStrategyBackground
Premier held a 50% interest and operatorship in the Catcher area oil and gas development in the North Sea.
Action taken
Following final approval from the UK Department of Energy and Climate Change, Premier proceeded with development planning for the project.
Aftermath
The project became one of Premier's principal UK Continental Shelf development initiatives.
Recent events
- 2021
Premier Oil acquired and merged into Harbour Energy[1]
M&A · Leadership change
Chrysaor Holdings acquired Premier Oil, and the businesses were merged into Harbour Energy, ending Premier Oil's independent corporate existence and London listing.
- 2017
Zama-1 discovery boosts Premier Oil shares[1]
Product launch · Other
Premier Oil's shares rose sharply following the announcement of a potentially major oil discovery offshore Mexico at the Zama-1 formation, where it held a 25% interest.
- 2016
Premier Oil agrees to acquire E.ON's UK North Sea assets[1]
M&A
After a temporary suspension of its shares, Premier Oil announced an agreement to acquire E.ON's UK North Sea assets for a reported net consideration of $120 million.
- 2014
Premier Oil rejects approaches from Ophir Energy[1]
M&A
Premier Oil's board unanimously rejected two confidential approaches from Ophir Energy concerning a possible combination valued at approximately £3 billion.
- 2014
UK approves Catcher area development[1]
Other
The UK Department of Energy and Climate Change granted final approval for development of the Catcher area in the North Sea, where Premier Oil held a 50% interest and operated the project.
Sources3 sources
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