PGNiG Shareholders Okay Norwegian Sea Acquisitions
Polish Oil and Gas Co. (PGNiG) has obtained a consent of the General Shareholders Meeting for the acquisition of 15% interests in exploration and production licenses in Skarv and Snadd fields in the Norwegian Continental Shelf. The adoption of such resolution by the General Shareholders Meeting of PGNiG fulfils one of the conditions precedent contained in the sale agreement of 28 February 2007 between PGNiG as the buyer and Mobil Development Norway A/S and ExxonMobil Production Norway Inc. as the seller.
The General Shareholders Meeting also approved the formation of a dedicated company to be incorporated by PGNiG in order to carry out the above-described undertaking, and to the disposal to such company of the interests acquired by PGNiG in the license blocks in the Norwegian Continental Shelf. The company's scope of business will include, in particular, production of crude oil and natural gas and other similar activities, as well as all other related activities. The company has been incorporated under the Norwegian law.
Snadd and Skarv fields are located in the Norwegian Sea, approximately 200 km west of Sandnessjoen, at sea depth ranging between 300 and 400 meters.
The role of direct operator of the fields is performed by BP. The other partners are Shell, Statoil and Norsk Hydro. Currently, as a part of the development process, the Front End Engineering Design is being executed and the completion of the Plan of Development and Operation is scheduled for mid 2007. The first oil and gas production is foreseen in the first half of 2011.
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