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PGNiG purchases interest in King Lear field

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Oilfield Technology,

PGNiG Upstream Norway is to acquire 22.2% of shares in the King Lear field – PL146 and PL333 licenses – from Total E&P Norge. The volume of production in the part attributable to PGNiG may reach 0.25 billion m3 of natural gas annually. The production start is planned for 2025.

King Lear is a gas and condensate field located in the North Sea. According to the Norwegian Petroleum Directorate, the field has documented recoverable resources which amount to approximately 98.6 million boe (including 9.2 billion m3 of natural gas). The operator of the field is Aker BP, which acquired a 77.8% interest in the licenses in 2018 from Equinor Energy.

“King Lear is one of the largest undeveloped discoveries in the North Sea. This is another purchase PGNiG has had recently on the Norwegian Continental Shelf. This way, we develop our upstream operations in Norway consistent with the strategy of PGNiG Group. The gas produced from this field will be directed to Poland by the future Baltic Pipe gas pipeline,” commented Piotr Wozniak, President of the PGNiG Management Board. Due to the potential of further cooperation, the parties agreed not to disclose the value of transaction.

Both licenses are currently in the development phase. The investment process is planned for the period 2021 - 2024, so that the production from the field could begin in 2025.

After finalising the transaction the company will hold shares in 25 licenses on the Norwegian Continental Shelf. It holds the status of the operator on four of them.


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