Premier Oil abandoned its plans to acquire Shearwater and Andrew Area assets from BP for $625m.

Premier Oil, an independent upstream oil and gas company, to acquire Shearwater and Andrew Area assets from BP, a multinational oil and gas company, for $625m. Premier acquired BP's 27.5% stake in Shearwater assets and 50%-100% stake in five Andrew Area fields. "These acquisitions are materially value accretive for Premier and are in line with our stated strategy of acquiring cash generative assets in the UK North Sea. We look forward to realising the significant long-term potential of the Andrew and Shearwater assets through production optimisation, incremental developments and field life extension projects. We are also pleased to have consolidated our interest in the high return Tolmount development where we see material upside. The cash flow generated from the acquired assets will also accelerate the deleveraging of Premier's balance sheet," Tony Durrant, Premier Oil CEO. Premier Oil abandoned its plans to acquire North Sea fields from BP on October 6, 2020, after Premier was acquired by rival Chrysaor. On January 7th BP relaunched its intention to acquire the assets.