PGNiG Snags Stake in NCS License

PGNiG Norway A/S is to acquire, free of charge, a 30% stake in PL350 license on the Norwegian Continental Shelf, pursuant to the contract with StatoilHydro Petroleum A/S. The acquisition of the stake in PL350 license is subject to a decision by the Norwegian Ministry of Oil and Gas.

The fields covered by PL350 license are located 7-8 km east of the Skarv field, in which PGNiG Norway holds a 11.9% interest.

The license was originally awarded to Statoil ASA, Norsk Hydro Produksjon A/S and E.ON Ruhrgas Norge A/S as part of APA2004 (Awards in Predefined Areas) licensing round. Currently, E.ON Ruhrgas Norge A/S is the PL350 direct license operator.

The partner positions in PL350 license on the Norwegian Continental Shelf are as follows:

  • E.ON Ruhrgas Norge A/S - 40%,
  • StatoilHydro ASA - 25%,
  • StatoilHydro Petroleum A/S - 5%.

From December 2004 to December 2008, seismic data were obtained and geological and geophysical tests were performed. The new partners decided to commence drilling in the area covered by the license.

Through acquiring a 30% stake in PL350 license, PGNiG Norway is obligated to bear 30% of costs of the planned drillings. The fields covered by the license offer a large oil and gas production potential.