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July 15, 2019

PGNiG buys 20% interest in North Sea gas field

PGNiG Upstream Norway, a subsidiary of Polish Oil and Gas Company, has acquired a 20% interest in the Duva field, off the coast of Norway, from Wellesley Petroleum.

PGNiG Upstream Norway, a subsidiary of Polish Oil and Gas Company, has acquired a 20% interest in the Duva field off the coast of Norway from Wellesley Petroleum.

Situated within the PL636 and PL636B license area in the North Sea, the Duva field is an oil and gas development project discovered in 2016. The Norwegian Ministry of Petroleum and Energy approved the Duva plan for development and operation in June 2019.

The field will feature three production wells, two for oil and one for natural gas, with the potential for one more oil well.

Upon the start of exploitation planned at the turn of 2020 and 2021, the maximum annual production from the deposit in the initial period is expected to be approximately 30 thousand barrels of oil equivalent.

According to data from the Norwegian Oil Directorate the deposit’s resources are 88 million barrels of oil equivalent, including around 8.4 billion cubic metres of natural gas.

Neptune Energy Norge operates the license with a 30% interest. The remaining shareholders, apart from PGNiG, are Idemitsu Petroleum Norge (30%) and Pandion Energy (20%).

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PGNiG management board president Piotr Woźniak said: “Duva field has been one of the most promising development projects on the NCS in recent years. It is characterised 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 first five years of operation of the Baltic Pipe gas pipeline between 2023 and 2028 will amount to 0.13 billion cubic metres annually.”

Upon finalising the Duva field’s transaction, PGNiG will hold shares in 27 licenses on the Norwegian Continental Shelf, where it operates four of them.

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