PGNiG purchases interest in King Lear field

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.

 

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/11062019/pgnig-purchases-interest-in-king-lear-field/