Two licences are located in the Norwegian Sea, and the other two in the Barents Sea.

In the two Norwegian Sea licences, PL702 and PL703, PGNiG Upstream International will acquire interests of 40%, while the remaining 60% interests will be taken up by OMV Norge AS, which will also be the licence operator. The licence areas are located 150-180km north-west of the Skarv field.

In the PL707 licence, located on the Barents Sea, PGNiG Upstream International will hold a 30% interest. This licence is operated by Edison International (holding a 50% interest), while North Energy ASA, which controls a 20% interest, is the third partner. The licence is located on the east side of the Norwegian part of the Barents Sea.

In the PL711 licence, located on the western side of the Barents Sea, PGNiG Upstream International will hold a 20% interest. This licence is operated by Repsol Exploration Norge AS (40% interest), and the other partners are OMV Norge AS (20% interest) and Idemitsu Petroleum Norge (20% interest).

The terms of the licence require the interest holders to carry out 3D seismic surveys. Furthermore, over a period of two years, the interest holders must make a decision on whether to start drilling or abandon the project and relinquish the rights to the area. If a decision to drill is made, a well must be drilled within four years of the licence award date.

The licences in which PGNiG Upstream International has been awarded interests are located in the three core exploration zones of the Norwegian Continental Shelf. Besides the Norwegian Sea, where the Company already holds licences and has experience in conducting exploration work, PGNiG Upstream International has been awarded licence interests in the Barents Sea. The Company has welcomed the new licence awards in the eastern and western part of the Barents Sea with great satisfaction. The new licences will allow the Company to engage in hydrocarbon exploration in so far uninvestigated, prospective parts of the Norwegian Continental Shelf.

Currently, PGNiG Upstream International holds interests in 14 exploration and production licenses in Norway. For one of the licences, PL648S, the Company acts as the operator.

Joanna Zakrzewska

Press Officer