PGNiG Upstream Norway prepares an investment in the Verdande deposit

PGNiG Upstream Norway, along with its concession partners, has submitted an application for approval of the Vernonde deposit development and operation plan in the Norwegian Sea. Extraction is expected to begin in the fourth quarter of 2025.

Verdande is an oil and gas deposits whose mineable resources are estimated at 36.3 million barrels of oil equivalent. According to a plan made at the Norwegian Ministry of Oil and Energy, drilling is to begin in late 2024, and the extraction begins a year later. Ultimately, production will be carried out within three wells.

The openings will be connected to the infrastructure of nearby Norn deposits, which will allow not only to accelerate the planning process and reduce investment costs, but – thanks to the increased efficiency of the use of existing installations – will have an ecological effect in the form of more energy efficiency of the entire installation.

The condition for the start of the work is the approval of the management and operation plan by the Norwegian Ministry of Oil and Energy.

The Verdande deposit extends over an area of six concessions and consists of two accumulations of hydrocarbons: Cape Vulture and Alve Nord East. The latter was discovered in 2020 by AkerBP and PUN under PL127C concessions. The companies, together with the shareholders of the other concessions, decided to jointly develop the entire area. The PUN share in the Verdande deposit was set at 0.8%. The other partners are Equinor Energy – deposit operator, Petoro, Vår Energi and Aker BP.

Verdande is located near other assets of PGNiG Upstream Norway, among others. Already operated deposits of Skarv and AErfugl as well as prepared for the development of Shrek and Alve Nord.

Source: PKN Orlen