Premier moves Delhi office to Noida

Vol 12, PW 6 (07 Aug 08) News in Brief
     

Britain’s Premier Oil is the latest oil company to shut down its office in Delhi and move to Noida.

An industry source tells us Premier has chosen office space at Inox Towers and will move in sometime in the middle of this month from its present office at Le Meridien commercial complex in central Delhi. Why the move to Noida “Premier sees this as a cost-cutting exercise,â€‌ says a source.

“Property rents in Delhi are becoming unaffordable.â€‌ Premier’s Noida office will be smaller than its present Delhi office and much cheaper.

“Being in Noida also means being closer to the DGH.â€‌ Premier now has no activity in India, after winding up its unsuccessful exploration campaign in northeast India, where it had two blocks.

Premier is now waiting for the government green signal to sign the long-delayed Ratna and R-series fields PSC, which it was awarded in 1996, alongside Essar and ONGC. “Once the Ratna PSC is signed,â€‌ adds a source, “Premier will set up an office in Mumbai.

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