Premier Oil reduces investment costs, beats production target
Nov 12 (Reuters) - Oil producer Premier Oil (LSE: PMO.L - news) has lowered its full-year capital expenditure (capex) programme as it deferred some project development and exploration expenses into 2016, the company said on Thursday.
The energy company, whose operations stretch from Indonesia to the Falkland Islands (LSE: FKL.L - news) , said oil production so far this year had averaged 57,500 barrels per day (bpd), ahead of full-year guidance of 55,000 bpd, which it left unchanged.
Premier Oil, which like its peers is grappling with a halving in oil prices since a peak in June 2014, said it had cut costs by more than 25 percent and further savings of 5-10 percent could be made next year.
It (Other OTC: ITGL - news) said its 2016 capex programme was set at around $650 million, but could still change. (Reporting by Karolin Schaps; Editing by Mark Potter)