PGNiG buys Norwegian licenses for almost PLN 1 bln

PGNiG Upstream International, a subsidiary of Poland’s natural gas giant PGNiG, has acquired stakes in four oil and gas licenses on the Norwegian Continental Shelf for NOK 1.95 billion (PLN 996 million), the company said in a statement on Monday. The Polish company is buying 6 percent in the Morvin deposit,  percent in the Gina Krog deposit, 24.24 percent in the Vale deposit and 24.24 percent in the Vilje deposit from Total E&P Norge. The Gina Krog license is under development and the others are at the production stage. In 2014, total extraction from PGNiG’s shares in the four deposits is expected to amount to 320,000 metric tons of crude oil and 90 million cubic meters of natural gas. They are meant to be in operation for the next 14 years. PGNiG’s CEO Mariusz Zawisza was quoted as saying that the deal will increase the company’s foreign production by 60 percent. It will also bring a prompt return on investment, he said.