July 12, 2018 / 6:36 AM / 8 months ago

Premier Oil approves Tolmount gas project

LONDON, July 12 (Reuters) - Premier Oil’s board has approved its Tolmount gas project in the UK North Sea ahead of a final investment decision in the third quarter and the company also expects to start drilling on a first well in Mexico in the fourth quarter, it said on Thursday.

Both projects are crucial to Premier’s future output growth as it has been focusing on reducing its debt pile which stood at $2.65 billion at the end of last month. It expects to reduce debt by between $300 million-$400 million by the end of the year. (Reporting By Shadia Nasralla; Editing by Susan Fenton)

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