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Business News

Premier mulls Wytch Farm buy

Premier Oil is considering buying BP's 68 per cent stake in the Wytch Farm oil field in Dorset.

BP said in May it had agreed to sell its interests in Wytch Farm and surrounding oil fields under Poole Harbour and Poole bay to the privately held Anglo-French firm Perenco in a $610m (£372m) deal, but the sale is subject to partner pre-emption rights.

Premier, which after BP is the largest partner in Wytch Farm, with a 12.4 per cent stake, has until 16 June to decide whether it wants to increase its exposure to the largest onshore oil field in western Europe.

The field, which produces about 15,000 barrels a day, is in one of the most environmentally sensitive areas of Britain.