Poland-based natural gas company PGNiG has announced that its subsidiary PGNiG Norway will acquire, free of charge, a 30% stake in PL350 license on the Norwegian Continental Shelf, pursuant to the contract with StatoilHydro Petroleum.

According to the company, the acquisition of the stake in the PL350 license is subject to a decision by the Norwegian Ministry of Oil and Gas. The fields covered by PL350 license are located 7km to 8km east of the Skarv field, in which PGNiG Norway holds an 11.9% interest.

The license was originally awarded to Statoil, Norsk Hydro Produksjon and E.ON Ruhrgas Norge as part of the APA2004 licensing round. Currently, E.ON Ruhrgas Norge is the PL350 direct license operator, said the company.

By acquiring a 30% stake in the PL350 license, PGNiG Norway is obligated to bear 30% of costs of the planned drillings. Besides, E.ON Ruhrgas Norge A/S, StatoilHydro ASA and StatoilHydro Petroleum A/S will bear 40%, 25% and 5% respectively.  The fields covered by the license reportedly offer a large oil and gas production potential.

Polskie Gornictwo Naftowe i Gazownictwo is a Polish oil and gas exploration and production company. The company is also engaged in natural gas segments in Poland that are trade, distribution, oil and gas exploration and production as well as gas storage and processing.