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PKN ORLEN and OGEC want to seek for oil and gas together

14-07-2006  News

​On Friday, Vice-presidents of PKN ORLEN and Polish Oil and Gas Exploration Company (PGNiG) signed a letter of intent in Warsaw, concerning the cooperation within oil and gas research and exploration in Poland and all over the world.
Both companies aim to begin oil and gas exploration within the area of Kazakhstan, Azerbaijan, Middle East and North Africa. Apart from the above they also desire to cooperate in searching energetic resources, mainly gas, in Poland.
PKN ORLEN and PGNiG also plan to realise investments and projects related with logistic infrastructure for oil and natural gas.
According to Bartłomiej Pawlak, PGNiG Vice-President, PKN ORLEN is the biggest industrial gas recipient – it uses 1 milliard 200 million cubic metres, which is 17 percents of overall national consumption. And, as it was emphasized by the representatives of both companies, PGNiG has adequate facilities and great experience in gas exploration.
“Representatives of both PGNiG and PKN were in Azerbaijan, Kazakhstan, North Africa (Libya and Egypt), but what is most important is that both companies have been present there for years. They know the market and they perform drills and geophysical measurements there” – said Bartłomiej Pawlak to PAP.
Answering the question whether PKN Orlen and PGNiG are about to participate in works in Iraq, Pawlak said that “sending people to war, and war is still going on there, is risky”.
Besides the cooperation on foreign markets, the companies shall collaborate in order to increase sale of compressed natural gas for vehicles (CNG) in the country and to increase sale of oil, which PGNiG extracts in the country.
“We also take into consideration the possibility of mutual construction and exploitation of LNG terminal” – said Cezary Filipowicz, PKN ORLEN Vice-President.
As the concern from Płock noted in its statement, the company intends to cooperate with PGNiG during the realization of the project related with import of liquid natural gas (LNG) to Poland.
Signatories of the letter of intent agreed that the coordinating team shall be established in July and representatives of both entities will be its members.
“During the nearest months the team shall establish a common position concerning the subject matters of the letter and shall present recommendations to the boards of both companies” – PKN Orlen informed in his announcement. The statement emphasized that signing the letter of intent does not limit the individual activity of none of the parties within the scope of their statutory activity.
At the end of April this year PKN ORLEN registered a subsidiary company – ORLEN Upstream sp. z o.o. with registered seat in Warsaw, whose activity shall include: natural gas and oil exploration. This entity will also conduct geological activity – research and exploration.
Earlier, in January, concern from Płock introduced a strategy related with creating segment of oil exploration activity (upstream) – this programme was divided into two phases: the first covers the period until 2009, the second one – until 2015.
Amounts of oil exploration expected by PKN ORLEN anticipate the increase of resources’ amount from 0.4 million tonnes in 2007 to 4.3 million tonnes in 2015. Investment expenditures necessary to realize these tasks are estimated for about USD 130 million a year between 2007 and 2009, and during the 5 following years – USD 438 million a year.
At the end of June Vice-President Filipowicz informed PAP that concern from Płock conducts talks with concern from Kazakhstan KazMunaiGaz related with common oil exploration.

Source:
http://www.pb.pl/Default2.aspx?ArticleId=3D458BA3-8BED-433B-A888-41AE48364E5C 
 

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