PGNiG Upstream Norway, a Norwegian subsidiary of the Polish state-owned oil company PGNiG, has completed the acquisition of a 20 percent stake in the Duva field, located offshore Norway, from Wellesley Petroleum.
PGNiG entered into an agreement for the acquisition of Wellesley’s Duva stake back in July 2019. Wellesley Petroleum said on Thursday that it had completed the sale of the 20 percent equity in the Duva field.
The Duva field is an oil and gas development project discovered in 2016 and operated by Neptune Energy. The remaining shareholders, apart from PGNiG, are Idemitsu Petroleum Norge (30%) and Pandion Energy (20%).
The field is located within the PL636 and PL636B license area in the North Sea, some 140 kilometers north of Bergen.
According to data from the Norwegian Oil Directorate, the deposit’s resources are 88 million barrels of oil equivalent, including approximately 8.4 billion cubic meters of natural gas. First production is expected at the turn of 2020 and 2021.
The maximum annual production from the deposit in the initial period is to amount to approx. 30 thousand boe.
In June 2019, the Norwegian Ministry of Petroleum and Energy approved the Duva plan for Development and Operation.
The field will have three production wells, two of which will be producing oil and one will be producing natural gas, with the potential for an additional oil well.
Offshore Energy Today Staff
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