PGNiG lifts stake in Norwegian Sea concession

PGNiG Norway has approval from Norway’s Ministry of Energy and Petroleum to double its interest in the PL558 license in the Norwegian Sea.

Offshore staff

WARSAW, Poland – PGNiG Norway has approval from Norway’s Ministry of Energy and Petroleum to double its interest in the PL558 license in the Norwegian Sea.

This follows the company’s purchase of a further 15% of the license from Nexen Exploration Norge.

Revised interests are: E.ON Ruhrgas Norge - 30%, Det norske oljeselskap - 20%, Petoro - 20%, and PGNiG Norway - 30%.

The license area is close to the BP-operated Skarv field development where PGNIG is a partner, and is adjacent to the PL350 license, in which the company has a 30% stake.

PL558 was awarded under the APA2009 licensing round and covers an area of 145,854 sq km (56,314 sq mi). According to PGNiG it is strongly prospective for both oil and gas. Between April 2010 and October 2011, 3D seismic surveys covering the area were interpreted.

The close vicinity of the Skarv FPSO should ensure an export route for any discoveries, PGNiG adds.

12/16/2011

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