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First step to tighten the cooperation between PKN ORLEN and PGNiG. What’s next?

22-06-2009  News

​Polish Oil and Gas Exploration Company S.A. (PGNiG S.A.) and PKN ORLEN have concluded the first contract concerning the cooperation during the research and exploration project on Monday, and according to statements of Presidents of both companies, they talk about following ventures – also those realized abroad.
“We treat this contract as a little experimental field for successive mutual projects” – said Michał Szubski, PGNiG President during press conference. Jacek Krawiec, PKN ORLEN President added that both companies talk about next ventures.
“We hope that today’s agreement will be the first step to tighten our cooperation, maybe even abroad” – said Krawiec. Both companies will cooperate to realize research and exploration concession in the North West Poland, where they want to begin exploration in 2018.
During the 1st quarter of 2009 PGNiG had PLN 398,84 million of consolidated net loss attributed to shareholders of the dominating entity compared to PLN 778,81 million income in the year before. Consolidated profits equaled PLN 6378,89 million compared to PLN 5330,44 million in the previous year.
PKN ORLEN had PLN 1.094,87 million of consolidated net loss attributed to shareholders of the dominating entity during the 1st quarter of the year 2009, compared to PLN 626,27 million income during the previous year. Consolidated profits equaled PLN 14.701,86 million compared to PLN 17.938,43 million in the previous year.

PGNiG and PKN ORLEN will realize an exploration project together
Polish Oil and Gas Exploration Company S.A. (PGNiG S.A.) and PKN ORLEN companies have signed a contract concerning mutual realization of research and exploration project in Greater Poland within “Sieraków” deposit – representatives of the company informed. The overall project investment value shall not exceed PLN 400 million.
“Investment expenditures during the first two years can equal about PLN 50 million and the production should start in the year 2018” – said Jacek Krawiec, PKN ORLEN President. Another information stated during the press conference was that 51% of shares in common project shall belong to PGNiG.
“We shall have the set of 51% of shares, as we will be the operator of the project” – said Michał Szubski, PGNiG President. The companies shall incur costs related with the project, proportionately to their shares in the project.
Anticipated geological resources of the deposit equal about 130 million barrels, and resources, which can be extracted are estimated for 26 million barrels. Currently identified production equals about 15 million barrels.

ORLEN Upstream company is going to realize the project in the name of PKN ORLEN.
During the 1st quarter of 2009 PGNiG had PLN 398,84 million of consolidated net loss attributed to shareholders of the dominating entity compared to PLN 778,81 million income in the year before. Consolidated profits equaled PLN 6378,89 million compared to PLN 5330,44 million in the previous year.
PKN ORLEN had PLN 1.094,87 million of consolidated net loss attributed to shareholders of the dominating entity during the 1st quarter of the year 2009, compared to PLN 626,27 million income during the previous year. Consolidated profits equaled PLN 14.701,86 million compared to PLN 17.938,43 million in the previous year.

tm, ISB

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