BP Connects Risers to Skarv FPSO. Production Starts in Q4 2012 (Norway)

Skarv FPSO Ready for Production. Risers Connected (Norway)

PGNiG Norway, a subsidiary of Polskie Górnictwo Naftowe i Gazownictwo SA, was last week notified by BP, the operator of the Skarv project, of successful connection of all 13 risers to the FPSO vessel, enabling the launch of oil and gas production from the Skarv field.

To date, the connection of risers has been one of the key risks to the project schedule. Their installation marks a very important step towards the launch of production from the Skarv field. In accordance with prior plans, oil and gas production on the Norwegian Continental Shelf will start in Q4 2012. The updated 2012 production forecast for the Norwegian subsidiary will be published as soon as relevant data is provided by the Skarv field operator.

Through PGNiG Norway, PGNiG SA holds an approximately 12% interest in the Skarv project. The field is operated by BP Norge (24% interest), and the other partners are Statoil Petroleum (approximately 36%) and E.ON Ruhrgas Norge (approximately 28%). PGNiG cooperates with these companies also on other licences. At present, total reserves in the Skarv licenses held by PGNiG Norway amount to approximately 70.9 million boe.

The exploration and production activities on the Norwegian Continental Shelf are managed by PGNiG Norway. The company, established in 2007, is wholly owned by PGNiG SA; its share capital is NOK 1092m. PGNiG Norway holds interests in 12 exploration and production licences on the Norwegian Continental Shelf. Its main asset is the interest in the Skarv field.

Source: PGNiG, June 11, 2012

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