PGNiG buys King Lear from Total

PGNiG buys King Lear from Total

PGNiG Upstream Norway will acquire the 22.2% shares from Total’s E&P Norge.

The King Lear gas field will be shared by Aker BP, the main operator (77.8%) and PGNiG Norway. Field production is planned to start in 2025 (investment planned for 2021-2024), with PGNiG to see the volume of production reaching up to 0.25 bcm of natural gas annually.

King Lear is a gas and condensate field located on the North Sea, with documented recoverable resources of approximately 98.6 MMboe (including 9.2 bcm of natural gas).

“The gas produced from this field will be directed to Poland by the future Baltic Pipe gas pipeline,” commented Piotr Woźniak, President of the PGNiG Management Board.

King Lear covers PL146 and PL333 licenses, which are currently in the development phase.

The value of the transaction is not disclosed.

This acquisition follows PGNiG’s buy of Equinor’s shares (42.2%) in Tommeliten Alpha field in 2018, located south of King Lear.