Catcher

Location and Geology

• The Catcher project is located in the central North Sea.

Ownership and Partners

• The project is operated by Premier Oil UK Limited (now part of Harbour Energy), which holds a 50% stake. The other partners include Waldorf CNS (I) Limited and Waldorf Production UK PLC with a combined 40% stake, and ONE-Dyas E&P Limited with a 10% stake.

Production and Performance

• The Catcher field began production in 2017 and achieved an operating efficiency of almost 100% in the first 10 months of 2019, producing 69,000 barrels of oil equivalent per day (boe/d).
• The project's initial investment was around £1.3 billion, with Premier Oil covering half of this cost. By 2019, the project had already paid back its investment through production.

Infrastructure

• The project utilizes the BW Catcher Floating Production, Storage, and Offloading (FPSO) vessel, which is owned and operated by BW Offshore. The FPSO is leased under a seven-year fixed term contract with extension options for an additional 18 years.

Development and Expansion

• Plans include tying back the Catcher North and Laverda fields to the Catcher FPSO. Development wells for these fields were scheduled to be drilled in 2020, with first oil expected in early 2021. Additionally, an infill well at the Varadero field was planned to help extend plateau production from Catcher.

Financial and Operational Highlights

• During the first 10 months of 2019, Premier Oil's group production averaged 79,400 boe/d, and the company generated £234 million of free cash flow, reducing its net debt from £1.82 billion to £1.58 billion.

Future Prospects

• The contract for the BW Catcher FPSO has been extended beyond its initial fixed term, ensuring continued production from the field. The rolling 12-month termination right allows for flexibility in the contract.