News
16.04.2011 Two new licences for PGNiG SA on the Norwegian Continental Shelf
PGNiG Norway AS, a subsidiary of PGNiG SA, has been awarded interests in two new exploration and production licences on the Norwegian Continental Shelf. The licences have been awarded by the Norwegian Ministry of Hydrocarbons and Energy in the 21st licensing round. As a result, PGNiG SA now holds interests in ten licences on the Norwegian Continental Shelf.
PGNiG Norway has been awarded a 20% interest in the PL599 licence, with BG Norge AS as the direct operator (a 40% interest). The other partners include: Idemitsu Petroleum Norge AS (a 20% interest) and Norwegian Energy Company ASA (a 20% interest).
The other licence in which PGNiG Norway has been awarded an interest is designated as PL600. Its direct operator is Dana Petroleum Norway AS, with a 70% interest, while PGNiG Norway holds the remaining 30% interest.
The acquisition of interests in the PL599 and PL600 licences is an important element of PGNiG Norway's strategy on the Norwegian Continental Shelf and will allow it to conduct exploratory work within a highly prospective area. Under the awarded licences, PGNiG Norway and its partners made a commitment to reprocess the existing 3D seismic and conduct geological/geophysical research.
Moreover, within two years the licence holders must decide whether to start drilling or discontinue the work and relinquish the licences. If the companies resolve to start drilling, a well must be drilled within four years of the award.
The new licences are an addition to eight other licences already held by PGNiG Norway on the Norwegian Continental Shelf. The company's largest project involves the development of the Skarv field, where production is scheduled to be launched as early as in August 2011. In 2012, crude oil and natural gas production from the field will reach 0.4 million tonnes and 0.4 billion cubic metres, respectively. At current market prices, the projected volume of production in Norway will generate revenue of USD 500 million in 2012.
Joanna Zakrzewska
Spokesperson PGNiG SA
