Poland's PGNiG to buy 15 pct stake in 3 Norway gas licences |
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Published
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Thu, 01 Mar 2007 12:55
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WARSAW (AFX) - Polish gas company PGNiG said it had reached a conditional agreement with ExxonMobil to purchase a 15 pct stake in three Norwegian offshore gas exploration and production licences.PGNiG is to pay 360 mln usd to buy into the permits, which cover gasfields which lie at a depth of 300 to 400 metres below sea level, located 200 kilometres west of Sandnessjoen in the Norwegian Sea.'The acquisition of these three exploration and production licenses in Norway marks PGNiG's first major international acquisition in the upstream sector,' the Polish company said in a statement.'This acquisition is in line with PGNiG's stated strategy to expand its upstream oil and gas reserves outside of Poland and to secure more diverse sources of gas supply.'The agreement is subject to approval from the Norwegian energy and finance ministries.Polish Prime Minister Jaroslaw Kaczynski hailed the deal as 'a huge step forward in the very important process of supply diversification.'Production of natural gas and crude oil and condensates on the development -- operated by British Petroleum, with Shell, Statoil and Norsk Hydro also partners -- is expected to begin in 2011, according to PGNiG.newsdesk@afxnews.comafp/cmrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Relations sour between Gazprom, Poland's PGNiG amid gas transit row 