Premier Oil makes progress with Solan field development

FTSE 250-listed exploration and production firm Premier Oil announced on Wednesday that facilities at the Solan field west of the Shetland Islands have been successfully installed.

The installation of subsea oil storage tank, jacket and topsides means that the offshore hook-up and commissionning programme will now commence at the North Sea field, Premier said.

The company, which is the operator of Solan with a 60% interest, said that the precise timing of first oil will depend on the progress of this next phase.

"We are very pleased to have successfully installed the Solan facilities within two and a half years of receiving approval from the UK government," said Premier's chief executive Tony Durant.

Privately-owned oil and gas group Chrysaor owns the other 40% stake in the oil field, which is expected to produce around 40m barrels.