PGNiG's Norwegian subsidiary has acquired a 40% interest in the Ørn gas field from Wellesley Petroleum, enhancing its production capacity and strategic positioning in the Norwegian Continental Shelf.

Information on the Target

PGNiG's Norwegian subsidiary has entered into an agreement to acquire a 40% interest in licence PL942, encompassing the Ørn gas field, from Wellesley Petroleum. According to the Norwegian Petroleum Directorate, the Ørn field has estimated recoverable reserves of approximately 6.75 billion cubic meters of natural gas, 0.17 million tonnes of oil, and 0.79 million tonnes of natural gas liquids (NGLs).

This acquisition is significant as it enhances PGNiG Upstream Norway's portfolio on the Norwegian Continental Shelf, aligning with its strategic goals for increasing production capacity. The Ørn field was initially discovered through an exploration well in 2019, and its development is projected to commence in 2023, with production anticipated to start by 2026.

Industry Overview in Norway

The Norwegian oil and gas sector is notable for its maturity and stability, contributing substantially to the nation's economy. As one of the largest producers of hydroca