Premier Oil sells Norwegian business for $120m

Premier Oil has agreed to sell its Norwegian business, Premier Oil Norge AS to Det Norske for $120m (£79m), which will be used to pay down the company’s debt.

The exploration and production group said the transaction, which is subject to the receipt of government approval and is expected to complete by year-end, “represents another step in Premier's previously stated programme of portfolio management”.

Chief executive Tony Durrant said: "We are pleased to have reached agreement to sell our Norwegian business to Det Norske, one of our long term partners in Norway.

“Our team in Norway has done an excellent job in bringing the Vette project close to a sanction decision in a low oil price environment. The transaction will realise immediate value from the project as part of our strategy of active management of our portfolio."