PGNiG Upstream Norway – a company from the Polish Oil and Gas Group (PGNiG) and its licensing partners successfully completed exploration work on the Egyptian Vulture prospectus in the Norwegian Sea, PGNiG reported. The discovered field may contain up to 63 million barrels of crude oil.
PGNiG Upstream Norway and its licensing partners have discovered a hydrocarbon field in the PL939 license in the southern part of the Norwegian Sea. The collected samples indicate the presence of light crude oil, the resources of which, according to estimates published by the Norwegian Oil Administration, range from 19 to 63 million (approx. 2.1-7.1 million tonnes).
“The field on the Egyptian Vulture prospectus will be a valuable addition to our production portfolio on the Norwegian Continental Shelf. Natural gas remains at the center of PGNiG’s business strategy, but crude oil extraction allows us to diversify and optimize our operations in this region,” said PGNiG CEO Paweł Majewski.
The deposit on the Egyptian Vulture prospectus is located in the Cretaceous sandstone formations that are part of the Lange Formation. The exploration well has reached 3,883 meters below sea level with a depth of 301 meters at the site. During the drilling, samples were taken and geophysical measurements were made, which will be subjected to in-depth analysis. Its results will be used to assess the possibilities of developing the discovered resources, while the concession partners do not exclude the connection of the deposit to the existing infrastructure of the neighboring deposits already in operation.
PGNiG Upstream Norway holds a 30% interest in the license. Its operator is Equinor Energy (55% of shares). The remaining 15% of shares are owned by Longboat Energy.
PGNiG Upstream Norway is a shareholder in 58 licenses on the Norwegian Continental Shelf. The company estimates that next year its production volume will increase to over 2.5 billion m3 of natural gas, compared to slightly over 0.9 billion m3 planned for this year. In addition to the acquisition, it will be the result of launching production from new deposits and additional wells. The company is currently mining from 14 deposits.
PGNiG has been listed on the Warsaw Stock Exchange since 2005. The Group deals with the extraction of natural gas and crude oil in the country, the import of natural gas to Poland, gas storage in underground gas storage facilities, distribution of gas fuels, as well as the development of natural gas and crude oil deposits in the country and abroad, as well as the provision of geological, geophysical and exploration services in Poland and abroad. Consolidated sales revenues of the company reached PLN 39,197 million in 2020.
Source: PGNiG and ISBnews
