“Given the strong competition from 25 petroleum companies, the award of the licence by the Norwegian government is a recognition of PGNiG UI’s growing role in oil and gas exploration on the Norwegian Continental Shelf,” said Piotr Woźniak and added: “Especially that some of the main criteria by which the licence applications were evaluated included geological surveys and field development concepts”.

He also emphasised that the new licence adds to PGNiG’s exploration and production potential. “It also provides another argument in favour of constructing a gas link with our Norwegian fields,” Piotr Woźniak added.

As part of the 23rd licensing round, on May 18th 2016 the Norwegian government awarded interests in 10 exploration and production licences on the Barents Sea shelf to 13 petroleum companies. 

Licence PL 856, in which PGNiG UI now holds a 25% interest, is located approximately 120 km north of the Norwegian coastline. The licence operator and holder of a 75% interest is Capricorn Norge AS (Cairn), which has extensive exploration experience gained in western Greenland.

The interest holders have two years to reprocess the seismic data and carry out relevant geological and geophysical surveys to accurately assess the licence area’s potential. After that, a drill-or-drop decision will be made.

Licensing rounds for new exploration areas are held by the Norwegian government every 2-3 years.

At present, PGNiG UI holds interests in 19 exploration and production licences on the Norwegian Continental Shelf. PGNiG UI’s asset portfolio comprises licences on four production fields (Skarv, Vilje, Vale, and Morvin) and two fields which are currently being developed (Snadd and Gina Krog), as well as interests in 10 exploration projects.

For more information, visit http://www.npd.no/en/Topics/Production-licences/Theme-articles/Licensing-rounds/23rd-Licencing-round/Offers-for-ownership-interests-in-the-23rd-licensing-round/