Reuters: Poland's PGNiG to buy Norway oil and gas deposits for $300 mln

Poland's gas monopoly PGNiG has agreed to buy a 996-million zloty ($300 million) stake in four new oil and gas deposits from Total E&P Norge, the company said on Monday.

PGNiG will buy between 6 and 24 percent of each of the deposits, which translates into 320,000 tonnes of oil and 90 million cubic metres of gas this year.

The company estimates the deposits, located in Norwegian Sea and the North Sea, amount to 33 million barrels of oil equivalent, with a split of 72 percent of oil and 28 percent gas. The deposits have some 14 years of production, PGNiG said.

The agreement is conditional on the company obtaining all necessary administrative permits by the end of 2014. PGNiG expects to complete the transaction in the fourth quarter of this year, the statement said.
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