Hydrocarbons were encountered by an exploration well drilled on the Newt prospect in the northern part of the Norwegian Sea. PGNiG Upstream Norway has discovered an oil and gas deposit with recoverable reserves provisionally estimated to be in the range of 11–36 million barrels of oil equivalent, of which 20% is attributable to PGNiG’s interest.

“Norway is the priority location for our upstream activities abroad. Tapping into its reserves is our strategic goal, also in the context of strengthening the energy security of Poland,” stresses Iwona Waksmundzka-Olejniczak, President of the Management Board of PGNiG SA. “The discovery of new resources on the Newt prospect is another success for PGNiG on the Norwegian Continental Shelf. The location of the newly found deposit near the Skarv field will facilitate its development and enhance the profitability of future production”.

The discovery is located 14 kilometres north-east of the Skarv production area, the main hub of PGNiG’s operations on the Norwegian Continental Shelf. Newt may be considered as a tie-back to the area’s robust production infrastructure,  which will bring down costs and shorten the development time.

As pointed out by Iwona Waksmundzka-Olejniczak, PGNiG Upstream Norway holds other licences in the vicinity of Newt, where exploration drilling is to be launched soon. This recent discovery may indicate that it will too be successful.

The Newt prospect is located within the PL941 licence area. It is operated by Aker BP, which holds an 80% interest. The remaining interest is held by PGNiG.