PGNiG to buy 4 Norwegian oil fields
19:19
Polish state-controlled gas and oil giant PGNiG will buy four oil assets on the Norwegian Sea shelf from Total E&P Norge AS (Upstream International AS) for roughly PLN 400 million.
The ultimate cash payment accounts for 43 percent of the purchase price (PLN 980 million). "A significant portion of [the purchase price] was covered with cash flows generated in the period between the agreed acquisition date and the date of actual settlement", PGNIG said in a statement. Other factors impacted the final payment were as following: reduced costs, CAPEX and favorable foreign exchange rates.
PGNiG signed a conditional deal to buy stakes in four E&P projects on six licenses on Norwegian sea shelf from Total in late October.
