The new field, named Dougal, is located 1.5 kilometers from Gina Krog, with production slated to start in late 2023.
The find increases Gina Krog's recoverable reserves to 13 million barrels of oil equivalent. So far, 17 million cubic meters of oil equivalent have been extracted from Gina Krog, operated by Equinor Energy with a 58.7% share, KUFPEC Norway at 30%, and PGNiG Upstream Norway holding 11.3%.
PGNiG Upstream Norway operates 19 fields and is involved in 90 licenses in the region, with reserves exceeding 55 million barrels of oil equivalent. The Orlen Group, of which PGNiG is a part, produced 3.5 billion cubic meters of gas in Norway in 2022.
Orlen CEO Daniel Obajtek stated that this discovery would boost natural gas production and profitability while extending the life of Gina Krog assets with minimal investment and rapid exploitation.
Obajtek also underscored the find as a strategic success in Norway, a key market for Orlen's oil and gas sector, with plans to reach 12 billion cubic meters of annual gas production by 2030, aiming for reduced CO2 emissions.
Orlen Group operates seven refineries, over 3,100 gas stations across six countries. The Polish group is also investing in renewable energy and aims to commission a small SMR nuclear reactor by 2030.
(jh)
Source: PAP