VIENNA (Reuters) - British North Sea focused oil and gas producer Premier Oil (L:PMO) said on Thursday it recorded a record free cash flow of $327 million (£254 million) last year, up around 30%, adding it would be more than 65% carbon neutral by 2025 and 100% by 2030.
It said it would develop its operated projects on a carbon neutral basis in respect of Scope 1 and Scope 2 emissions, referring to emissions from its direct operations and from the power supply it uses, without providing further details.
Graphic: Premier Oil results - https://fingfx.thomsonreuters.com/gfx/ce/7/8887/8868/Premier%20Oil%20results.jpg
Premier is awaiting a court decision on its plan, sanctioned by a majority of its shareholders, for a capital raise of $500 million for new North Sea acquisitions between March 17 and 20 and postponing its debt maturities.
Premier, with a market capitalisation of around $850 million as of Wednesday, said its net debt stood at $1.99 billion by the end of last year, in line with guidance.
Premier's climate targets follow similar commitments by other pure oil and gas exploration and production companies, such as Energean (L:ENOG) and Kosmos Energy (N:KOS), which will make use of emission offset programmes.
Premier plans to produce between 70,000 and 75,000 barrels of oil equivalent this year, excluding its planned acquisitions.