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  • PGNiG acquires shares in four fields on the Norwegian Continental Shelf
    édité le 29/10/2014 - Plus de news de "PGNIG" - Voir la fiche entreprise de "PGNIG"


PGNiG acquires shares in four fields on the Norwegian Continental Shelf
PGNiG Upstream International, wholly owned subsidiary of PGNiG SA, purchased from Total E&P Norge AS shares in four fields on the Norwegian Continental Shelf. Transaction is a part of implementation of PGNiG's strategy and allows significant increase of hydrocarbon production outside Poland.
„Engagement in four new fields in Norway is particularly important for us. Firstly, it means immediate production increase outside Poland by approximately 60 per cent. Secondly, acquisition enables us to maintain increased production rates throughout the next ten years. Finally, we expect short payback period from this investment. This is good news for our shareholders" - said Mariusz Zawisza, PGNiG SA chief excutive.

Transaction involves three producing fields (Morvin, Vilje, Vale) as well as one field in the development phase (Gina Krog). Estimated 2014 production from the fields corresponding to PUI's interests is approximately 320 thousand toe (tonnes of oil equivalent) and 90 million m3 of gas (which is approximately 8 thousand boe/d). According to the operator's data the average remaining production from the fields will last for 14 years.

According to an independent reserves auditor, recoverable oil (72%) and gas (28%) reserves attributable to PUI's interests amount to 33 million boe (barrels of oil equivalent). It means increase of PGNiG's reserves in Norway by approximately 60%.

The purchase price is NOK 1 950 million (PLN 996 million at the NOK/PLN mid-exchange rate quoted by the National Bank of Poland for September 29th 2014), with an effective date of January 1st 2014. It is expected that approximately 45% of the acquisition price will be settled using cash flows acquired by PUI and generated in the period between the agreed effective date and the actual completion date. The remaining part will be covered from the bridge financing provided by PGNiG and from the reserve based loan.

Targeted financing of this transaction is based on the external reserved based loan. Such solution has been earlier utilized for the Skarv development. As the project finance solution it does not have adverse effect on the funding of the PGNiG's investment program in Poland.

PGNiG's partners in the new fields are leading oil and gas companies. It is particularly important as the new licenses still hold further exploration potential. Company is interested in entering the Utsira High basin with the Gina Krog field, which is considered to be one of the most prospective areas on the Norwegian Continental Shelf for exploration with significant yet to find reserves. Future investments on the acquired licenses will be funded from the operating cash flow of PGNiG's Norwegian operations.

Acquisition of the new assets in Norway is a natural investment direction for the PGNiG Group. The NCS is recognized as prospective area where PGNiG has both experience and organization. The historical projects in Norway, including Skarv, offer good profitability with low risk exposure. The additional advantage of further investments on the NCS is the possibility of earlier utilization of the losses carried forward of PGNiG Upstream International. Due to its tax position, Norwegian subsidiary will not be in a tax paying position in the upcoming years despite considerable production rates. It enables further acceleration of the payback from investment.
The agreement to purchase shares in Morvin, Vilje, Vale and Gina Krog is subject to a number of conditions precedent, including the securing of required Norwegian administrative decisions. The conditions precedent shall be fulfilled before the end of 2014.

About PGNOG in Norway

PGNiG started activities in Norway in 2007 together with the acquisition of the shares in the Skarv field from ExxonMobil. Production from this project was launched in 2012 and since then it is important element that impacts financial performance of the upstream segment. Planned production in Norway in 2014 accounts for 400 thousand tonnes of oil equivalent and 430 million m3 of natural gas.

Currently PGNiG is involved in twelve licenses on the Norwegian Continental Shelf. Exploration activity is performed on nine of them, including two operated projects. The company is planning applications for the additional acreage in the upcoming licensing rounds.

About PGNIG

The PGNiG Group is the leader of the Polish natural gas market, as well as the only vertically integrated gas company in Poland. Its parent undertaking is Polskie Górnictwo Naftowe i Gazownictwo. Formation of the Group's enabled coordination of the upstream and downstream operations - from exploration and production to storage to trade and distribution of gaseous fuels. The roots of the companies forming PGNiG date back to 19th century - to the beginnings of Polish and world oil industry. The company has been operating under the name PGNiG since 1982. In 1996, the state-owned company PGNiG was transformed into a joint stock company.


Origine : Communiqué PGNIG

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