PGNiG's Norwegian subsidiary has entered into an agreement with Wellesley Petroleum to acquire a 40% interest in licence PL942, covering the Ørn gas field. According to the Norwegian Petroleum Directorate, the field's recoverable reserves are about 6.75 billion cubic meters of natural gas, 0.17 million tonnes of oil and 0.79 million tonnes of NGLs.The Ørn field was discovered with an exploration well in 2019. Its development is expected to start in 2023, and production is expected from 2026. According to current data from the field operator, AkerBP, the production volume attributable to PGNiG Upstream Norway is expected to average about 0.25 billion cubic meters of natural gas per year in the period 2026-2035.Ørn is located approx. 20 km from the Skarv field, in which PGNiG Upstream Norway also holds an interest. This will make it possible to use the existing production infrastructure, including the Skarv FPSO, to reduce time and costs of production start-up. PGNiG Upstream Norway has applied the same solution to its other deposits near Skarv: Ærfugl and Gråsel, providing for increased profitability of their production. The ability to use the existing infrastructure will enable the reduction of CO2 emissions associated with the development of the field.The operator of the Ørn deposit is AkerBP, which holds a 30 percent stake. The other partner is Equinor Energy, also holding a 30 percent stake. The acquisition of the remaining 40 percent of shares from Wellesley Petroleum by PGNiG Upstream Norway is subject to the consents from, among others, the Norwegian Ministry of Petroleum and Energy.The purchase of the Ørn field is the second transaction between PGNiG Upstream Norway and Wellesley Petroleum. In 2019, the companies signed a sale and purchase agreement for a 20 percent stake in concessions PL636 and PL636B covering the Duva deposit.
PGNiG's Norwegian subsidiary has entered into an agreement with Wellesley Petroleum to acquire a 40% interest in licence PL942, covering the Ørn gas field. According to the Norwegian Petroleum Directorate, the field's recoverable reserves are about 6.75 billion cubic meters of natural gas, 0.17 million tonnes of oil and 0.79 million tonnes of NGLs.The Ørn field was discovered with an exploration well in 2019. Its development is expected to start in 2023, and production is expected from 2026. According to current data from the field operator, AkerBP, the production volume attributable to PGNiG Upstream Norway is expected to average about 0.25 billion cubic meters of natural gas per year in the period 2026-2035.Ørn is located approx. 20 km from the Skarv field, in which PGNiG Upstream Norway also holds an interest. This will make it possible to use the existing production infrastructure, including the Skarv FPSO, to reduce time and costs of production start-up. PGNiG Upstream Norway has applied the same solution to its other deposits near Skarv: Ærfugl and Gråsel, providing for increased profitability of their production. The ability to use the existing infrastructure will enable the reduction of CO2 emissions associated with the development of the field.The operator of the Ørn deposit is AkerBP, which holds a 30 percent stake. The other partner is Equinor Energy, also holding a 30 percent stake. The acquisition of the remaining 40 percent of shares from Wellesley Petroleum by PGNiG Upstream Norway is subject to the consents from, among others, the Norwegian Ministry of Petroleum and Energy.The purchase of the Ørn field is the second transaction between PGNiG Upstream Norway and Wellesley Petroleum. In 2019, the companies signed a sale and purchase agreement for a 20 percent stake in concessions PL636 and PL636B covering the Duva deposit.
