Located in the UK Central North Sea, Premier-operated Catcher area will produce 96 million barrels of oil equivalent with a peak production rate of around 50,000 barrels of oil per day.
The project comprises drilling of 22 subsea wells including 14 producers and 8 water injectors, on the Catcher, Varadero and Burgman fields.
UK Minister of State for Energy Michael Fallon said, "The project represents over £1bn of investment and almost all of the subsea expertise and equipment needed for this development is being supplied by British companies right across the country.
"The Catcher area development shows that there continues to be an extraordinary level of interest in North Sea oil and gas, which is excellent news for industry and for the whole of the UK," Fallon added.
Premier Oil chief executive officer Simon Lockett said, "Once on-stream this project, which has been facilitated by the government’s small field allowances, will underpin our growing cash flows."
Currently, the project is under execution phase while the first oil is expected for mid-2017.
