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PGNiG buys Ineos Norwegian assets at a reduced price

The transaction will significantly increase hydrocarbon reserves allocated to PGNiG Upstream Norway to 331 mboe

PGNiG buys Ineos Norwegian assets at a reduced price

Warsaw, September 27 - Neftegaz.RU. PGNiG Upstream Norway, a Norwegian subsidiary of Polish state-owned oil and gas company PGNiG, has just received approval from Norwegian authorities to acquire all assets of INEOS E&P Norge at almost half the price than previously agreed.

The deal includes all of Ineos’ oil & gas interests in production, licenses, fields, facilities and pipelines on the Norwegian continental shelf.
The purchased licences include producing fields:
  • Ormen Lange (14%)
  • Marulk (30%)
  • Alve (15%)
The estimated payment on completion will be about $323 mln compared with the agreed $615 mln for the contractual transaction date of January 1, 2021.
The reduction is due to lower income generated by Ineos over the 1st 9 months of the year.

Paweł Majewski, President of PGNiG, said:
  • The transaction terms are very favourable, demonstrating PGNiG's competence in E&P sector deals
  • The purchase of INEOS E&P Norge’s licences will allow us to achieve one of our strategic objectives related to security and diversification of gas supplies, while being an investment in promising and highly profitable assets
The transaction will boost PGNiG's reserves to 331 mln barrels of oil equivalent and annual gas production by 1.5 bln m³.
All in all, PGNiG’s output from Norway will reach about 2.5 bln m³ next year, meeting the target set in the group's strategy for 2017–2022.

Once the Baltic Pipe becomes operational, gas produced by PGNiG Upstream Norway will be transported to Poland, enhancing gas supply diversification and strengthening the country’s energy security.

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