VNG takes share of three new licenses in Norway
Good outcome for VNG Norge AS in 2009 APA round
The new exploration licenses are located in the vicinity of the licenses already acquired in the areas targeted by VNG Norge AS. The work program associated with license acquisition primarily concerns the reprocessing of seismic data and preparations for exploration wells.
"VNG Norge AS was awarded shares in exploration licenses in all quadrants for which applications were filed. That confirms we are acknowledged as a potential exploration and production partner in Norway," VNG Executive Board Member for Gas Procurement Michael Ludwig said. "The new licenses help us towards our goal of meeting roughly ten percent of our annual sales volumes from equity gas within the next eight to ten years," Ludwig added.
Now in its seventh year, the APA system applies for mature licensing areas on the Norwegian Continental Shelf where geological surveys have already been conducted and where some infrastructure is already in place.
The VNG Group has been active in Norway with VNG Norge AS since 2006. When VNG acquired Endeavour Energy Norge AS in April 2009 it gained direct access to the production of gas and oil through that company's participations in the producing fields of Brage and Njord and switched from licensee status to operator status. The merger with VNG Norge AS took place in October 2009. The company has offices in Stavanger und Oslo.
VNG - Verbundnetz Gas Aktiengesellschaft
VNG - Verbundnetz Gas Aktiengesellschaft is an international group of companies and a reliable supplier of natural gas from Russian, Norwegian and other sources to major users and municipal distributors in Europe. VNG has been active in the gas industry for over 50 years. Today, VNG is Germany's third largest gas importer and ranks among Europe's top ten. In 2008, VNG with its workforce of roughly 640 employees delivered 171.4 billion kWh of gas and generated sales of 5.5 billion euros.
For further information, please go to http://www.vng.de.