Oil and gas explorer Premier Oil is preparing to sell off its entire stake in Wytch Farm, the largest onshore oilfield in western Europe, for $200m, as it seeks to reduce its $2.7bn debt pile. The company said on Tuesday that it would not be able to pay back all of its debts by 2021, but will instead seek a sale at an auction later this year.
Oil and gas explorer Premier Oil is preparing to sell off its entire stake in Wytch Farm, the largest onshore oilfield in western Europe, for $200m, as it seeks to reduce its $2.7bn debt pile. The 33.8% stake will be sold to independent North Sea explorer Verus Petroleum, according to reports.