PGNiG takes stake in Gro

PGNiG Norway has acquired a 10% interest from Statoil in the Gro license in the Vøring basin in the Norwegian Sea.

Offshore staff

STAVANGER, Norway -- PGNiG Norway has acquired a 10% interest from Statoil in the Gro license in the Vøring basin in the Norwegian Sea.

Last June, the license operator, Shell, discovered gas with an exploration well on the Gro structure. Another well is under way to further delineate the area. Preliminary estimates suggest the field could contain 10-100 bcm (353-3,531 cu ft) of recoverable gas.

PGNiG will pay Statoil cash for the 10% stake and its Statoil’s share exploration costs for the current well.

Statoil will retain a 30% interest in the license. The company decided to scale down its share after evaluating its overall exploration and field development portfolio, said Tove Stuhr Sjøblom, head of exploration on the Norwegian continental shelf.

“We still have ambitions to develop the deep water value potential in the Norwegian Sea and we participate in a number of finds and field development projects, including Luva and Gro,” she added.

The sale is subject to approval from Norway’s Petroleum and Energy Ministry.

06/24/2010

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