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Polish gas monopolist PGNiG's Norwegian unit gets 25% stake in new gas exploration license

Polish gas monopolist PGNiG's Norwegian unit gets 25% stake in new gas exploration license

16.2.2009 16:54
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WARSAW. INTERFAX CENTRAL EUROPE - Polish gas monopolist PGNiG's Norwegian unit will hold a 25% stake in the PL419 exploration license in Norwegian oil and gas fields, the company's management board representatives told a press conference on Monday.

"PGNiG Norway AS will hold a 25% stake in the PL419 license on the Norwegian Continental (15 EUR, -8,66%) Shelf," PGNiG's chief executive Michal Szubski told a press conference on Monday. "PGNiG will get the stake for a symbolic amount of NOK 1. We will not have to invest in the participation in the license, but in the future costs of the field's exploration and development."

Canadian firm Nexen Exploration Norge with a 30% stake is the direct operator of the license. Germany's Wintershall Norge holds a 25% stake and Italy's Edison (39 USD, -0,58%) International holds a 20% stake.

PGNiG (3 PLN, -3,78%) expects the first exploration drilling to be made on the field in late 2009, while investment in the initial phase of exploration will total USD 50 mln.

"This is the cost of the first drilling, of which will have to cover 25%," PGNiG's vice-president Radoslaw Dudzinski said.

PGNiG estimates that it will take nine years to develop the field.

"We think that the development of the fields could begin in five-six years, as the work on the fields has been going on for three years now," Dudzinski added.

PGNiG aims at production of 1.5 bln cubic meters of natural gas from the Norwegian Continental Shelf. The company will invest approximately PLN 650 mln in the development of the Skarv project in 2009, where gas extraction is expected to begin in the second half of 2011. PGNiG estimates that in the initial phase it will extract 0.5 bln cubic meters of gas and 0.4 mln tonnes of oil annually from the Skarv project.

PGNiG's total investments are planned to amount to PLN 3.5 bln in 2009. The company will invest PLN 600 mln in domestic gas exploration and PLN 180-200 mln in foreign exploration.
 
Interfax


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