PGNiG to produce 571 kt of crude oil and 0.5 bcm of gas in Norway this year

WSE-listed gas giant PGNiG hopes to produce 571k metric tons of crude oil, and 0.5 bcm of gas from its Norwegian assets this year, the company said in a market filing. Moreover, it plans to increase its production to at least 2.5 bcm of gas by 2022. Over the last 10 years, PGNiG invested PLN 5.3 billion on its assets in the Norwegian Continental Shelf. Since the production started there back in 2012, PGNIG has generated 2.14 bcm of natural gas and almost 2.2 million tons of crude oil. It is estimated that company’s deposits there have 78 million boe capacity. “Both current and future investments in Norway will create the basis for future gas supplies to Poland. We want to continually increase production in this region, which is the most important foreign operations of our company,” said PGNiG CEO Piotr Woźniak. PGNiG through its subsidiary, PGNiG Upstream Norway, holds 18 licenses in Norway, extracting gas and crude oil from Skarv, Vilje, Morvin, Vale, Gina Krog deposits, while Storklakken and Snadd are also under construction and expected to start production in 2020.