Current Report No. 100/2017
2017.12.15 08:34
Warsaw, December 15th 2017
Submission of applications for approval
of development plans for Aerfugl and Skogul fields
Current Report No.: 100/2017
The Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA ("PGNiG") reports that on December 15th 2017 it received information on submission by AkerBP, the operator of the Aerfugl (formerly Snadd) and Skogul (formerly Storklakken) licenses, of applications to the Norwegian Ministry of Petroleum and Energy to approve plans for development of the licenses. PGNiG Upstream Norway AS (“PUN”), a PGNiG subsidiary, holds interests in the licenses.
Approval of the development plans will be tantamount to launching the investment projects. According to the operator data provided in the application, the amount of hydrocarbon reserves commercially available in the Aerfugl field are 31.3 bcm of natural gas, 6 mcm of condensate, and 3.5 m tons of NGL. The reserves available in the Skogul deposit are 8.93 m barrels of crude oil, and 170 mcm of associated gas. The planned net production from the Aerfugl field attributable to PUN may amount ca. 0.5 bcm of natural gas in the peak periods of production. Production of crude oil from the Skogul field may reach 1.4 million barrels in the peak periods of production. The above data are the operator’s estimates and can be revised as work on the projects progresses.
If the applications are approved, drilling of production wells will start in 2019. Production of hydrocarbons from new wells on the Aerfugl field is planned to be launched in the fourth quarter of 2020, and from the Skogul deposit – in the first quarter of 2020.
PUN holds an 11.9175% interest in the Ærfugl project and a 35% interest in the Skogul project.
Legal basis:
Article 17.1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16th 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.
