PGNiG Upstream Norway is preparing a development plan for the King Lear deposit on the North Sea shelf

The Norwegian company PGNiG and Aker BP have started design work on the development of a detailed plan for the exploitation of the King Lear deposit in the North Sea. The investment provides for an increase in natural gas production by the PGNiG group on the Norwegian continental shelf by 0.33 billion cubic meters annually, the company's press service reports.

PGNiG Upstream Norway and Aker BP have entered the final stage of work on the development plan for the King Lear deposit. The companies have started the preparation of documentation that will determine the scope and schedule of works related to the launch of exploitation and production. In addition, technical solutions and an investment budget were developed.

“We continue our development activities in Norway, our main foreign market in terms of hydrocarbon exploration and production. In the case of the King Lear deposit, we are entering a key stage of preparation that will allow us together with Aker BP to make a final investment decision and submit an application for administrative consent to begin exploitation of the field, - said Pavlo Maievskyi, president of PGNiG SA, the company that is the only owned by PGNiG Upstream Norway. - The development of the King Lear deposit should contribute to the maintenance of natural gas production by the PGNiG Group in Norway at a level that corresponds to our strategic aspirations. In the long term, we plan to ensure stable and diversified gas supplies to Poland thanks to the Baltic Pipe gas pipeline," emphasized Pavlo Maievskyi. According to the initial concept, production from the King Lear deposit will be carried out with the help of four wells, which will be operated by a production platform, with remote control. Production is expected to begin at the end of 2027. The installation will be connected to the production infrastructure of the Valhalla deposit, located 50 km from King Lear. One of the advantages of this solution will be a significant reduction in carbon dioxide emissions associated with mining. After all, installations at the Valhalla deposit are powered from the shore by energy produced at hydroelectric power stations.

According to the Norwegian Petroleum Directorate (Norweskiego Dyrektoriatu Naftowego), King Lear's potential reserves amount to 11.0 billion cubic meters of gas and 9.6 million cubic meters of oil. During peak production, PGNiG Group will receive about 0.33 billion cubic meters of gas and 258,000 tons of oil per year from the field. The King Lear field is located in concessions PL 146 and PL 333 in the North Sea. PGNiG Upstream Norway owns 22.2% of the shares, that it acquired in 2019. The remaining shares belong to Aker BP, which is the operator.