PGNiG invests in gas exploration

opublikowano: 24-04-2007, 16:24

Warsaw (Puls Biznesu) – The gas monopoly increases its exploration potential and plans to merge with Scandinavian gas system.

PGNiG is going to spend PLN 500-600m (EUR 132-158.4m) this year to look for gas fields in Poland. The LNG terminal will cost EUR 350-440m. This project will be implemented in the years 2011-2012. The first module of the terminal with 2.5 billion cubic meters of gas annually, will cost EUR 350m. To increase its capacity to 7.5 billion cubic meters, PGNiG will have to increase spending to EUR 440m.

According to Krzysztof Glogowski, PGNiG CEO, the transaction to buy 15 percent in three exploration licenses in Norway should be concluded at the end of October or beginning of November. The project will connect the Polish and Scandinavian gas systems. PGNiG signed the agreement to buy the licenses on March 1st. The costs amount to USD 360m.

(PLN 1 = EUR 0.264)

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