The holders of interests in the Skarv field have therefore decided to change the schedule of work and to optimise the programme of production piping installation. This in turn will help significantly reduce production stoppages at the field in 2012.

Following the postponement of production launch, the the oil and gas production forecast for the Skarv field has been updated. The expected volume of gas produced in 2012, corresponding to PGNiG Norway's interest, will amount to 0.211 billion cubic metres, instead of the 0.240 billion cubic metres forecast earlier, while the production of crude oil (and other hydrocarbon fractions) in 2012 is planned to reach 180 thousand tonnes, instead of the 250 thousand tonnes predicted earlier.

The development of the Skarv field is the largest investment project currently implemented in Norway. It is also the first foreign project of the PGNiG Group, expected to deliver measurable economic benefits.

Through PGNiG Norway, PGNiG SA holds an approximately 12% interest in the Skarv project. The field is operated by BP (24% interest), and the other partners are Statoil (approximately 36%) and E.ON Ruhrgas (approximately 28%). PGNiG is cooperating with these companies also under other licenses. The overall reserves on concessions covering the Skarv field, owned by PGNiG Norway, are estimated at 70.9 mm barrels of oil equivalent.

The exploration and production activities on the Norwegian Continental Shelf are managed by PGNiG Norway. The company, established in 2007, is wholly owned by PGNiG SA and its share capital amounts to NOK 951m. PGNiG Norway holds interests in eight exploration and production licenses on the Norwegian Continental Shelf. Its main asset is the interest in the Skarv field.

Press Team

PGNiG SA