PGNiG Upstream Norway, wholly owned subsidiary of PGNiG SA (Polish Oil and Gas Company), purchased share in the Storklakken discovery from Aker BP ASA. Transaction is a part of implementation of PGNiG’s strategy and will allow an increase of hydrocarbon production outside Poland.
Transaction involves 35% working interest in the license PL460 in the North Sea. The remaining 65% is owned by Aker BP ASA who is also the operator of the license. The license is located in direct vicinity of the Vilje field, where PGNiG holds 24.243%. It includes the Storklakken oil field which was discovered in 2010 by Aker BP. According to the operator, recoverable reserves attributable to PGNiG Upstream Norway’s interests amount to 3.85 million boe (barrels of oil equivalent). The field is expected to be developed as a subsea tie-back to the Alvheim FPSO with the production start-up in 2020.
Transaction and future investments in Storklakken will be funded from the operating cash flow of PGNiG’s Norwegian operations.
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