Photo: Equinor.

Source: PGNiG press release

PGNiG Upstream Norway and its licence partners successfully completed a wildcat exploration well on the Egyptian Vulture prospect in the Norwegian Sea. The discovered reservoir may contain as much as 63 million barrels of crude oil.

PGNiG Upstream Norway and its licence partners have discovered a hydrocarbon reservoir in PL939 located in the southern part of the Norwegian Sea. The samples indicate a light oil, whose recoverable resources – according to the estimates released by the Norwegian Petroleum Directorate – are between 19 to 63 million barrels.

‘The Egyptian Vulture reservoir will be a valuable addition to our production portfolio on the Norwegian Continental Shelf. Natural gas remains at the core of PGNiG’s business strategy, however crude oil production allows us to diversify and optimise our operations in this region,’ said Paweł Majewski, President of the Management Board of PGNiG SA, the company which owns PGNiG Upstream Norway.

The Egyptian Vulture reservoir is located in the Lange Formation sandstone reservoir of late Cretaceous age. The exploration well reached a depth of 3883 metres below sea level. Water depth at the site is 301 metres.

Data and samples gathered during the exploration phase will be evaluated for further appraisal of the discovery. Tie back to existing fields in the area will be evaluated in order to assess potential production from the discovery.

PGNiG Upstream Norway holds a 30% interest in the PL939. The licence operator is Equinor Energy (55%) and the remaining 15% is held by Longboat Energy.

PGNiG Upstream Norway holds shares in 58 licences on the Norwegian Continental Shelf. The company estimates that next year its production volume will increase to over 2.5 bcm of natural gas, compared to over 0.9 bcm projected for 2021. This will be a result of launching production from new fields and additional wells, in addition to acquisitions of interests in already producing fields. Currently, PGNiG Upstream Norway produces oil and gas from 14 fields.