PGNiG Doubles Norwegian Continental Shelf Stake

PGNiG Norway, a subsidiary of Polish giant PGNiG, has received approval from the Norwegian Ministry of Energy and Petroleum to double its current stake in the PL558 licence. 

The increase comes off the back of the acquisition of a 15 per cent stake in the licence from Nexen Exploration Norge. The acquisition means that PGNiG Norway now holds a 30 per cent stake in the licence. E.ON Ruhrgas holds the same 30 per cent stake in the licence, while Det norske oljeselskap and Petoro hold a 20 per cent stake each. 

PGNiG says the acquisition is an important part of its strategy on the Norwegian Continental Shelf and complements the company's existing interests in the nearby Skarv field and the adjacent PL350 licence, of which PGNiG also holds a 30 per cent stake. PGNiG estimates the total reserves of the Skarv field to reach approximately 70.9 million barrels of oil equivalent, including 0.24 billion cubic metres of natural gas.

PGNiG holds a total of eight production and exploration licences on the Norwegian Continental Shelf.