PGNiG finalises purchases of shares in Gina Krog and Alve Nord fields

PGNiG Upstream Norway, a subsidiary of Polish gas monopolist PGNiG, has finalised the purchase of shares in the Gina Krog and Alve Nord fields, PGNiG has said in a press release.

PGNiG estimates that thanks to these acquisitions, the company's future natural gas extraction will increase by 100 million cubic metres per year.

The number of licenses held on the Norwegian Continental Shelf, in which PGNiG Upstream Norway holds shares, increased to 31.

As a result of the completion of the transactions, PGNiG increased its shares in the area covering the Gina Krog field (license PL029B) to 11.3 percent and shares in the not yet exploited Alve Nord field (license PL127C) by 11.92 percent.

Gina Krog is a gas and oil deposit. Its operation began in 2017. In 2019, production amounted to 19.9 million boe, of which 1.6 million boe went to PGNiG. Gina Krog's remaining oil and natural gas reserves are estimated at 172.5 million boe.

License PL127C, which includes Alve Nord, is located in the vicinity of the Skarv gas and oil field, where PGNiG also expects to discover natural gas resources.

PGNiG Upstream Norway currently extracts crude oil and natural gas from seven deposits on the Norwegian Continental Shelf. This year, production has already begun at the Skogul and Aerfugl fields. As a result of acquisitions made over the past three years, the volume of documented resources falling to PGNiG in Norway increased from approximately 80 million boe to approximately 200 million boe.