• 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 September 23

09:47 Container throughput of port Hong Kong (China) down 7.4% to 12.18 million TEUs in Jan-Aug’2019
09:25 Baltic Dry Index is down to 2,131 points
09:08 DNV GL awards AIPs to DSME for ethylene carrier cargo tank designs
08:49 MABUX: Bunker Market this morning, Sep. 23
08:06 Damen completes maintenance work on Innovation at Damen Verolme Rotterdam

2019 September 22

17:03 Höegh increases its frequency to Australia
16:21 USCG Cutter Seneca offloads more than 12,000 pounds of cocaine in Miami
15:16 Algoma announces agreement to acquire Croatian-built dry-bulk carrier
13:03 Van Oord: Second Sand Motor successfully completed
12:47 Ørsted to pioneer deployment of GE’s next generation offshore wind turbine
11:39 ZPMC orders compressors to pipelay vessel

2019 September 21

16:17 USCG responds to breakaway barges striking I-10 San Jacinto River bridge
15:14 Eastern Shipbuilding launches the C.D WHITE for E.N. Bisso & Son
14:06 Boskalis associate Smit Lamnalco signs first 10-year terminal services contract in Mozambique
12:52 Kongsberg wins first full-scope expedition cruise vessel tender, with gensets and propulsion equipment
11:34 Rauma Shipyard bags Finnish Navy's four corvettes order

2019 September 20

18:41 Vostochny Port joins Coordinating Council on Trans-Siberian Transportation as its permanent member
18:22 IAA PortNews offers photo release from 'Development of Icebreaking and Support Fleet' conference held on NEVA 2019 zero-day
18:05 Global Ship Lease announces new five-year $268 mln credit facility for debt refinancing
17:24 Vostochny Port’s harbour services fleet presented at dedicated conference in Saint-Petersburg
17:05 F. A. Vinnen places entire fleet with Verifavia Shipping & Rina for IHM services
16:50 Helsinki Shipyard (Finland) to build two liners for polar cruises
16:35 COSCO SHIPPING Ports announces disposal of interest in various port assets and possible disposal of Taicang Terminal and Jiangsu Petrochemical Terminal
16:21 ABB presents electric power and propulsion solutions for icebreaking vessels at NEVA 2019
16:05 Port of Los Angeles protects overall clean air gains
15:19 Port of Riga rapidly increases volume of handled wood pellets
14:53 South Korean port to slash passenger vessel emissions with ABB shore power
14:15 Krasnoye Sormovo launches Pola Pelagia, dry cargo carrier of Project RSD59З, for Pola Rise
13:30 Damen Shipyards Group is ready to ensure construction of electric water buses for rivers and canals of Saint-Petersburg and Russia
13:12 MSC Cruises and Fincantieri unveil further details of MSC Seashore at coin ceremony
12:24 Victor Olersky sees promising future of electric river passenger ships in Saint-Petersburg and in Russia
12:09 Algoma Central Corporation announces agreement to acquire Croatian-built vessel
11:28 Specifications for 0.50% sulphur fuels and the PAS from ISO: IBIA explains
11:09 GTT obtains Approval in Principle from Bureau Veritas for the Mark III Flex technology on ice-breaking LNG carriers
10:52 IBIA and S&P Global Platts collaborate to help shipping industry comply with IMO 2020
10:31 Workshop for training on emergency response, preparation and planning held in Manila
10:09 Van Oord and Shell test the use of biofuel on trailing suction hopper dredger HAM 316
09:50 State Duma ratifies Convention on the Legal Status of the Caspian Sea
09:33 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.98% to $58.7
09:25 Lloyd’s Register, China Merchants, GTT, CNOOC, DSIC form jv to design LNG-fuelled VLCC
09:17 Baltic Dry Index is down to 2,192 points
08:58 MABUX: Bunker Market this morning, Sept 20

2019 September 19

18:04 Bibby Marine Services takes the next step to optimize walk-to-work operations
17:56 Marinet approves Poseidon maritime cyber security project
17:37 American Ethane reveals plans to order 17 VLECs
17:34 Wärtsilä’s Board of Directors decided on the distribution of the second dividend instalment
17:22 Marinet approves T2OT project for high accuracy positioning of seagoing vessels
17:04 VARD secures advanced stern trawler contract with Luntos
16:50 Average wholesale prices for М-100 HFO down to RUB 14,328 in RF spot market
16:34 Zeebrugge port authority invests in new 1,071 meter quay wall
16:04 RINA to classify Swedish Maritime Administration fleet
15:53 Marinet set to establish exports support center in Finland in 2020
15:34 MacGregor secures orders worth more than EUR 20 million for projects in Europe and Asia
15:05 Wärtsilä foresees a lower result for 2019
14:31 North Pole ice-resistant platform presented by Admiralteiskie Verfi at NEVA 2019
14:09 ABS announces LNG Cargo Ready notation for ethane carriers at Gastech 2019
13:46 Hyundai Heavy Industries receives AIP for new LPG carrier design
13:03 Bunker prices go up at the Far East ports of Russia (graph)
12:40 ABS and AEC сollaborate on newbuild VLEC fleet
12:17 Murmansk Sea Fishing Port handled 171,200 tonnes of cargo in 8M’2019, down 28.5% Y-o-Y