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Polish PGNiG acquires interest in another gas field in the North Sea

Polish PGNiG acquires interest in another gas field in the North Sea Polish PGNiG acquires interest in another gas field in the North Sea


Warsaw, July 16 - Neftegaz.RU.
PGNiG Upstream Norway has acquired 20 % shares in the Duva field – PL 636 and PL636B licenses – from Wellesley Petroleum AS. 1st production is expected at the turn of 2020 and 2021.

“We are focused on the implementation of the strategy related to the increase in production in Norway, which is why we consistently build our portfolio of shares in licenses on the Norwegian Continental Shelf,” commented Piotr Woźniak, CEO of PGNiG.

“Duva field has been one of the most promising development projects on the NCS in recent years. It is characterized by the exceptional good quality of reservoir rock. Estimated reserves and the proximity to existing infrastructure reduce development and production costs. We estimate that the average natural gas production from the Duva field by PGNiG during the 1st 5 years of operation of the Baltic Pipe gas pipeline between 2023 and 2028 will amount to 0.13 billion cu m annually,” he added.

The Duva field is an oil and gas development project discovered in 2016. It is located within the PL636 and PL636B license area in the North Sea, approx. 140 km north of the city of Bergen. According to data from the Norwegian Oil Directorate, the deposit's resources are 88 million barrels of oil equivalent (incl. approximately 8.4 billion cu m of natural gas).

In June 2019, the Norwegian Ministry of Petroleum and Energy approved the Duva plan for Development and Operation. The field will have 3 production wells – 2 producing oil and one producing gas, with the potential for an additional oil well.

After the commencement of exploitation planned at the turn of 2020 and 2021, the maximum annual production from the deposit in the initial period is to amount to approx. 30 thousand boe. The operator of the license is Neptune Energy Norge (30% of shares). The remaining shareholders, apart from PGNiG Upstream Norway, are Idemitsu Petroleum Norge (30%) and Pandion Energy (20%).

PGNiG Upstream Norway’s most recent acquisitions were the purchase of 42.4 % shares in the Tommeliten Alpha field in 2018 and 22.2 % shares in the King Lear field in June 2019. After finalizing the transaction related to the Duva field, the company will hold shares in 27 licenses on the Norwegian Continental Shelf, where it is an operator on 4 of them.