Premier Oil and its partners have sanctioned the development of the Tolmount gas development, promising a long future for the new platform and pipeline that will be used to develop and export output from the UK southern North Sea field.
UK-listed Premier Oil is licence operator at Tolmount with a 50% interest but, following an innovative financing deal to reduce its capital expenditure, will not pay for the construction of Tolmount's normally unmanned platform and 48-kilometre export pipeline, set to be called the Humber Gathering System.
