Polish government-run PGNiG consolidates its position in Norway

24/03/2017 10:35 Oil Market

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Polish government-run PGNiG (Polish Oil and Gas Company) has acquired a share in the Storklakken oil field which was discovered in 2010 by Aker BP ASA. The deal is carrying out PGNiG’s strategy in increasing hydrocarbon production outside Poland.

The transaction brings a 35% working interest in the license PL460 in the North Sea, near the Vilje field, where PGNiG holds 24.243%. The field will be developed as a subsea tie-back to the Alvheim FPSO with the production expected to begin in 2020.

 

Acquisition of the new assets in Norway is a natural investment direction for the PGNiG Group and the previous projects, including Skary field (bought in 2007 from ExxonMobil) due to its profitability and a reduced risk exposure, being considered a good start for future gas supplies to Poland.

 

During 2017, Norway is expected to produce 571.000 tonnes of oil equivalent and 0.5 billion m3 of natural gas.

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