The Norwegian arm of the Polish state-run energy giant PGNiG announced Friday it would go ahead with oil production at the Grasel field in Norway as early as late 2021
WARSAW (Pakistan Point News / Sputnik - 18th December, 2020) The Norwegian arm of the Polish state-run energy giant PGNiG announced Friday it would go ahead with oil production at the Grasel field in Norway as early as late 2021.
"PGNiG Upstream Norway and its licence partners have decided to go ahead with the development of the Grasel field in the Norwegian Sea, targeting first production in the fourth quarter of 2021," a press release read.
The Polish company has an 11.92 percent stake in the field, which is estimated to hold 13 million barrels of oil equivalent. The operator is Norwegian-British Aker BP, the other licensees being Norway's Equinor and Germany's Wintershall DEA.
PGNiG CEO Pawel Majewski said the field had a break-even price per barrel of $15, far below the market price. He added that "attractive returns" on capital justified increased oil production while his firm was working on a new pipeline to transport gas from Norway to Poland.
