• 2019 July 18 17:24

    PGNiG acquires interest in another gas field in the North Sea

    PGNiG Upstream Norway has acquired 20 percent shares in the Duva field – PL 636 and PL636B licenses – from Wellesley Petroleum AS. First production is expected at the turn of 2020 and 2021, PGNiG says in a press release.

    “We are focused on the implementation of the strategy related to the increase in production in Norway, which is why we consistently build our portfolio of shares in licenses on the Norwegian Continental Shelf,” commented Piotr Woźniak, President of the PGNiG Management Board. “Duva field has been one of the most promising development projects on the NCS in recent years. It is characterized by the exceptional good quality of reservoir rock. Estimated reserves and the proximity to existing infrastructure reduce development and production costs. We estimate that the average natural gas production from the Duva field by PGNiG during the first five years of operation of the Baltic Pipe gas pipeline between 2023 and 2028 will amount to 0.13 billion cubic meters annually,” he added.

    The Duva field is an oil and gas development project discovered in 2016. It is located within the PL636 and PL636B license area in the North Sea, approx. 140 km north of the city 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).

    Chris Elliott, CEO of the Wellesley Group of companies, commented: “For Wellesley, this transaction allows us to redeploy our development resources to mature our operated Grosbeak development project, whilst maintaining focus on our core business of exploration. PL636 was Wellesley’s first license on the NCS and we are proud of our contribution to the exploration, discovery and development planning of Duva. However, at this phase in the project PGNiG is a more logical owner and I believe their deep experience of oil and gas development and production will be a valuable asset to the Duva development partnership. We wish both PGNiG and the other Duva partners well in bringing the field to first production. I would also like to thank the PGNiG team for our collaboration on this transaction, and look forward to our companies working together again in future. We remain confident in the potential of the NCS to deliver high quality commercial discoveries like Duva in the coming years”.

    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 producing oil and one producing natural gas, with the potential for an additional oil well. After the commencement of exploitation planned 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. The operator of the license is Neptune Energy Norge (30% of shares). The remaining shareholders, apart from PGNiG Upstream Norway, are Idemitsu Petroleum Norge (30%) and Pandion Energy (20%).

    PGNiG Upstream Norway’s most recent acquisitions were the purchase of 42.4 percent shares in the Tommeliten Alpha field in 2018 and 22.2 percent shares in the King Lear field in June 2019. After finalizing the transaction related to the Duva field, the company will hold shares in 27 licenses on the Norwegian Continental Shelf, where it is an operator on four of them.

    Wellesley Petroleum is an independent oil company focused on exploration on the Norwegian Continental Shelf. Wellesley is qualified as an operator on the NCS and is now one of the most active explorers on the shelf. Wellesley is funded by Bluewater Energy LLP and associates, specialist investors in the energy sector. Lambert Energy Advisory Ltd advised Wellesley in the transaction.

    Polish Oil and Gas Company (PGNiG) deals with exploration and production of natural gas and crude oil and – through its branches and key companies from the Capital Group – with import, storage, sales, distribution of gaseous and liquid fuels, production of heat and electricity as well as geophysical and drilling services. Its subsidiaries and branches carry out exploration and production activities in Norway and Pakistan, gas sales in Germany and LNG trading through an office in London.




2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities
13:31 Damen Shipyards Cape Town joins Women’s International Shipping & Trading Association
12:28 CMA CGM announces rate restoration for Asia to West Africa trade
11:32 APL informs on voil sailing on Asia-Indian Subcontinent Service in August
10:58 Pre-commissioned USCG's Cutter Midgett makes second cocaine seizure within five days

2019 August 16

18:16 Port of Vyborg volumes in Jan-Jul plummet 29% to 687,700 tons
18:06 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
17:36 Norwegian Encore leaves MEYER WERFT's building dock
17:06 Balltec secures North Sea decommissioning contract from Heerema Marine Contractors Nederland
16:35 Canada Infrastructure Bank signs MoU with the Port of Montreal on Contrecoeur port expansion project
16:05 Vår Energi AS awarded an EPCI contract to Rosenberg Worley AS
16:03 Low-sulphur marine fuel sales by Gazprom Neft in the first half of the year increased by 11% to 121,400 tonnes
15:48 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
15:36 Throughout of oil port Primorsk in Jan-Jul 2019 increased 14% to 35.74 million tonnes
15:14 New mid-year record for container volumes through the Port of Vancouver
15:11 USCG repatriates 25 migrants to the Dominican Republic
14:27 Port of Vysotsk throughput in January-July rose 7% to 11.14 million tonnes
14:10 Austal signs A$126 mln contract to export two Cape Class Patrol Boats
13:14 Seven-month cargo volumes of Port of Ust-Luga increase 10% to 62 million tonnes (update)
13:05 NORDEN signs multiple long-term global contracts
12:05 APM Terminals Poti to implement uninterrupted 24/7 operations
11:39 Port of St. Petersburg seven-month volumes rise 2% to 35 million tonnes (update)
11:05 Steel cutting ceremony for the next AIDA LNG cruise ship at MEYER WERFT
10:48 Tekmar Energy selected for Formosa 1 Phase 2
10:44 Port of Hamburg seaborne cargo throughput up 4.1 percent to 69.4 million tons in H1 2019
09:55 Crude futures prices tend upward again: Brent Crude rises to $ 58,88, WTI – to $ 55,16
09:34 Baltic Dry Index leaps 97pts to 2047 points
09:27 Bunker prices show mixed movements at Port of St. Petersburg
08:41 MABUX: Bunker market this morning, Aug 16

2019 August 15

18:48 Seven-month box throughput of Ukraine’s seaports leaps 20% to 545.800 TEUs
18:05 Huntington Ingalls Industries announces leadership changes at shipyards
17:05 Scandlines installs Norsepower’s Rotor Sail solution on board hybrid ferry
16:43 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel facilities
16:35 Kalmar service expertise to enhance safety, performance and productivity at OPCSA’s Las Palmas terminal
16:33 Global Dredging Forum in London to address all current aspects of capital and maintenance dredging as expansion opportunity
16:05 Wilhelmsen Ship Management awarded two supramaxes from Stove Shipping AS
15:47 Neste introduces a new IMO2020-compliant low-sulphur marine fuel
15:43 Stena Bulk's CEO appeals directly to the Leaders of India, Russia, Latvia & the Philippines
14:33 Rotterdam Polymer Hub construction starts
14:20 A.P. Moller - Maersk reports strong improvements in earnings in Q2
14:01 Tuapse Sea Commercial Port JSC 1H net profit drops 3.3 times to RUB 1bn
13:52 Port of Oslo speaker to join Int'l Baltic Transport Forum, Sept. 11
13:05 RS supports PortNews сonference on icebreaking and service fleet, to be held prior to NEVA-2019 trade fair
13:02 CMA CGM announces FAK rates from Asia to North Africa
12:06 LUGAPORT terminal construction kicks off at Port of Ust-Luga
12:03 MOL transports fire engines to Paraguay
11:03 Jan De Nul bags 600MW Kriegers Flak contract
10:17 CMA CGM announces FAK rates from Asia to the Mediterranean
10:01 Crude futures prices continue to decline: Brent Crude – to $ 59,09, WTI – to $ 54,92
09:57 Latest frigate Admiral Kasatonov enters shipbuilder’s trials final phase
09:12 Baltic Dry Index leaps by 4.61% to hit 1950-pts mark
08:42 MABUX: Bunker market this morning, Aug 15

2019 August 14

23:00 Sergey Mazokhin takes helm at Nordic Engineering JSC
18:09 Icebreaker Novorossiysk escorts Silver Explorer along the Northern Sea Route
18:05 OOCL revises Trans-Pacific service
17:23 Moscord to add Schneider Electric Marine Product Line
16:35 Wärtsilä turns to startups to help solve some of the biggest problems in the maritime industry
16:05 Round table on import substitution in Russian shipbuilding sector slated to be held on August 29 in St. Petersburg
16:04 HHLA H1 2019 performance report: growth with sustainable success
15:33 Wilhelmsen Ship Management awarded two supramaxes from Stove Shipping AS