Gulf Oil and Gas accountACCOUNT

PGNiG Purchased Interest in Another Gas Field in Norway

Source: www.gulfoilandgas.com 6/7/2019, Location: Europe

PGNiG Upstream Norway will acquire 22.2 percent of shares in King Lear field – PL146 and PL333 licenses – from Total E&P Norge. The volume of production in the part attributable to PGNiG may reach 0.25 bcm of natural gas annually. The production start is planned for 2025. King Lear is a gas and condensate field located on the North Sea. According to the Norwegian Petroleum Directorate, the field has documented recoverable resources which amount to approximately 98.6 mmboe (including 9.2 bcm of natural gas). The operator of the field is Aker BP, which acquired 77,8 percent of interest in the licenses in 2018 from Equinor Energy. “King Lear is one of the largest undeveloped discoveries in the North Sea. This is another purchase PGNiG has had recently on the Norwegian Continental Shelf. This way, we develop our upstream operations in Norway consistent with the strategy of PGNiG Group. The gas produced from this field will be directed to Poland by the future Baltic Pipe gas pipeline,” commented Piotr Wo?niak, President of the PGNiG Management Board. Due to potential of further cooperation the parties agreed not to disclose the value of transaction. Both licenses are currently in the development phase. The investment process is planned for the period 2021-2024, so that the production from the field could begin in 2025. The previous acquisition of PGNiG Upstream Norway was the purchase of 42.4 percent of shares in the Tommeliten Alpha field in 2018, which is also located on the North Sea, south of King Lear. After finalizing the recent transaction the company will hold shares in 25 licenses on the Norwegian Continental Shelf. It holds the status of the operator on four of them.

Acquisitions and Divestitures News in Norway >>

Brazil >>  7/15/2019 - Karoon Energy Ltd (KAR) make the following statement in relation to the news published by Upstream on the 12 July 2019. Karoon confirms it has been n...
China >>  7/15/2019 - MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the company’s acquisition of the mari...

Georgia >>  7/15/2019 - Block Energy Plc (Block) is pleased to announce it has increased its working interest (WI) in the West Rustavi licence (West Rustavi) from 71.5% to 10...
Australia >>  7/12/2019 - INPEX CORPORATION (INPEX) announced today that through a subsidiary, it was awarded an exploration permit for Release Area AC/P66 (the Block) as Oper...

Norway >>  7/12/2019 - PGNiG Upstream Norway has acquired 20 percent shares in the Duva field – PL 636 and PL636B licenses – from Wellesley Petroleum AS. First production is...
Canada >>  7/10/2019 - Fugro and partner Amplified Geochemical Imaging (AGI), are reporting recent success selling multiple licences for data from frontier regions offshore ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.