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Poland’s monopolist buys stake in Norwegian gas deposit

PGNiG Upstream Norway, a subsidiary of state-owned Polish Oil and Gas Company (PGNiG), has purchased a 40 percent stake in the Oern gas deposit in the Norwegian Sea from Wellesley Petroleum, PGNiG said in a statement on Friday.

The new deposit is expected to provide an additional 0.25 billion cubic metres (bcm) of natural gas annually from 2026. According to Norwegian authorities, the deposit’s capacity is about 6.75 bcm of natural gas, 0.17 million tonnes of oil and 0.79 million tonnes of natural gas liquids.

PGNiG CEO Iwona Waksmundzka-Olejniczak described the company‚Äôs Norwegian Continental Shelf investments as a “priority foreign market, also due to its importance to the diversification of gas supplies to Poland.”

It is the second deposit PGNiG Upstream Norway has bought from Wellesley Petroleum.
PGNiG Upstream Norway holds shares in 59 licences on the Norwegian Continental Shelf and carries out extraction from 14 deposits.

Last year the company’s production volume reached 1.42 bcm of natural gas compared to 0.48 bcm in 2020. For this year, PGNiG forecasts extraction volume at 3 bcm.

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