PGNiG acquires Total's 22.2% stake in King Lear

Total has sold its 22.2% stake in King Lear to PGNiG. This follows AkerBP's acquisition of Equinor's 77.8% stake in the field in October 2018 for USD250 million. In October 2018, AkerBP noted that King Lear is one of the largest undeveloped discoveries in Norway and that it planned to develope the field as a satellite to Ula. Ula is operated by AkerBP (80% with DNO as 20% partner) and the tie-back will improve capacity utilisation at the Ula...

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PGNiG expands footprint in Norway

On 18th October PGNiG announced that it had agreed to acquire Equinor's interest in the Tommeliten Alpha gas and condensate field in the Norwegian North Sea. This continues PGNiG's strategy of diversifying its gas supply away from Russia. PGNiG has always had an interest in Norwegian gas seeing it as as logical and accessible source of gas for Poland. As the long term Russian gas supply contracts come to expiry, PGNiG is making bold moves to...

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The oil market is recovering

Oil inventories have been worked down and beginning to return to historical normalised levels, driven by a mix of robust demand growth on the one hand and concerted efforts by OPEC plus friends to cap production on the other. While 12-18 months ago heightened geopolitical tensions and operational outages barely moved oil prices, such events are now needle moving news. The outage of Forties at the end of last year and intermittent headline grabbing...

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