Portal partners
PGNiG finalized the purchase of shares in the deposits of Gina Krog and Alve Nord in Norway
Author:Mariusz Dasiewicz
PGNiG Upstream Norway – a subsidiary of Polish Petroleum and Gas Mining (PGNiG) – finalized the purchase of shares in the deposits of Gina Krog and Alve Nord, the company stated. PGNiG Upstream Norway estimates that the future gas extraction by the company will increase by 100 million m3 per year thanks to these acquisitions.
"PGNiG has increased to 11.3% in the area of Gina Krog (PL029B) deposits and has also increased by 11.92% in the unexploited Alve Nord deposit (PL127C)", the release states.
After completing the transaction with Aker BP, the number of concessions on the Norwegian Continental Shelf, in which PGNiG Upstream Norway holds shares, increased to 31.
"We are delighted that the closure of our newest acquisitions on the Norwegian Continental Shelf coincided with the announcement of the commencement of the Baltic Pipe construction. It is this connection that already in 2022 the natural gas produced by PGNiG from Norwegian deposits will flow to Poland, and thanks to subsequent acquisitions and entry into the production phase of the gas imported from Norway will be more and more" - commented PGNiG president Jerzy Kwieciński, quoted in the release.
Gina Krog is a gas-oil deposit. His operation began in 2017. In 2019, production amounted to 19.9 million boe, of which PGNiG accounted for 1.6 million boe. The remaining oil and gas reserves Gina Krog are estimated at 172.5 million boe. The PL127C concession covering Alve Nord is located in the Skarv gas and oil deposit area, so PGNiG also expects to discover natural gas resources there.
PGNiG Upstream Norway currently extracts oil and natural gas from 7 deposits on the Norwegian Continental Shelf. This year production of Skogul and Ærfugl deposits began. As a result of acquisitions made over the last 3 years, the amount of documented resources per PGNiG in Norway has increased from around 80 million to about 200 million boe, also reported.
PGNiG has been present on the Warsaw Stock Exchange since 2005. The group deals with the extraction of natural gas and oil in Poland, import of natural gas to Poland, storage of gas in underground gas warehouses, distribution of gas fuels, as well as the development of natural gas and oil deposits in Poland and abroad and the provision of geological, geophysical and exploration services in Poland and abroad. Consolidated revenues amounted to PLN 42.02 billion in 2019.
Source: ISBnews
