E&P/Premier Oil: asset flop

FINANCIAL TIMES 🔒| Oil explorers know something about digging deep. They have to. Commodity price collapses coupled with the threat of climate change have tested the likes of Premier Oil. A lower crude price outlook forced the explorer to announce asset impairments in Wednesday’s trading update. Exploration and production companies (E&Ps) have used relatively high oil prices to value their reserves. High enough to prompt a Citi oil analyst to write an open letter of concern to the industry late last year. Impairments will keep on coming.


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