Reducing our interest in the Gro licence

The Gro licence is located in the Vøring Basin in the Norwegian Sea. Natural gas was confirmed in the licence by an exploration well in June 2009. A new well is currently being drilled to further explore the area. Shell is the operator of the licence.

As payment for the interest PGNiG will pay a cash amount and cover Statoil’s exploration costs for the well currently being drilled.

“A reduction in our interest in the Gro licence has been made on the basis of an overall evaluation of our exploration and field development portfolio,” says Tove Stuhr Sjøblom, Statoil’s head of exploration on the Norwegian continental shelf.

“We still have ambitions to develop the deep water value potential in the Norwegian Sea and we participate in a number of finds and field development projects, including Luva and Gro,” she says.

The sale agreement is subject to approval by the Ministry of Petroleum and Energy.

Facts about the Gro licence: Licensees before the sale: Shell (50%) (operator), GDF SUEZ (10%) and Statoil (40%) The Gro prospect was confirmed in June 2009 Preliminary estimates of recoverable gas: 10-100 billion Sm3