PGNiG buys on the Norwegian shelf deposits for approx. 400 million zł. – Radio West

PGNiG buys on the Norwegian shelf deposits for approx. 400 million zł. – Radio West

All conditions precedent agreement under which PGNiG will buy shares in a package of four fields on the Norwegian Continental Shelf have been met, and the final payment in cash will be approx. 400 million zł (843 million NOK) – the company said in a statement.

“At the same time the purchase price was settled (NOK 1,950 million – NOK), which is an important part covered the assumed cash flow generated between the contractual date of purchase and the actual date of settlement” – written.

“PGNiG reached very favorable purchase price of new fields in Norway “- told PAP president of Mariusz Zawisza. He also assured that the company is already working on other projects abroad.

“The increase in mining is and will be the primary objective of PGNiG – hence the company has already started and is planning to launch another new international projects,” – he said. Reiterated that the country PGNiG wants to maintain production of hydrocarbons at the current level.

“We will also accelerate the development process has already been recognized deposits” – Zawisza said.

“In connection with the achievement of the expected proceeds from sale of hydrocarbons from deposits acquired in 2014., reduction of costs and capital expenditures, as well as favorable changes in foreign exchange rates, the final payment in cash will be approx. 843 million NOK (approx. PLN 400 million, according to the rate of 30.12.2014), or 43 per cent. of the purchase price “- added.

Earlier, PGNiG reported that the package includes interests in 6 production licenses covering deposits MorVin (part 6 per cent.), Vilje (24.243 per cent.), Vale (24.243 percent). and the deposit being developed Gina Krog (8 percent)..

Extraction of these deposits in 2014 in part attributable to a subsidiary of PGNiG is estimated at approx. 320 thousand. tons of oil and 90 million cubic meters. natural gas (ie. approx. 8 thousand. barrels of oil equivalent per day).

The recoverable reserves of oil (72 per cent.) and gas (28 percent.) attributable to the acquired shares are at a level of 33 million boe, or barrels of oil equivalent. According to the information providers, the production of the above mentioned fields will be an average continued for the next 14 years.