Premier to operate Ratna field

The UK-based Premier Oil has agreed to take operatorship of the discovered Ratna and R-series oil and gas fields in the Mumbai offshore, the production licence for which is pending for the last nine years.

There were reports of Premier Oil's reluctance to carry on with its participation in the fields because of delays in signing of the production sharing contract (PSC).

Rob Marshall, country manager of Premier Oil, wrote to the petroleum ministry on February 17 saying: "I am pleased to confirm that it is Premier Oil's intention to sign the PSC and to be the operator."

The Ratna and R-series fields were awarded to a consortium of Essar Oil and Premier Oil in March 1996, but the PSC had not been signed till date.