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PGNiG and Naftogaz sign E&P MoU

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Oilfield Technology,

Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG) and the Naftogaz Group have signed a Memorandum of Understanding regarding cooperation in exploration of hydrocarbon resources and gas production in Ukraine.

A potential cooperation will focus on the region which, in geological terms, is an extension of structures exploited by the Polish company for over 70 years.

"Ukraine, which has one of the largest gas reserves in Europe, offers a very attractive growth potential for upstream companies like PGNiG. We are particularly interested in gas production development in Western Ukraine, the region bordering to the area where we have already been producing natural gas for several decades. The available data proves a high reservoir potential of this region. Our partner also has extensive experience and valuable geological data. Therefore, a potential cooperation between two companies may lead to increasing of natural gas production in the western part of Ukraine. It will be beneficial from the point of view of development of our companies, as well as for strengthening energy security in Central and Eastern Europe," Robert Perkowski, Vice-President of the Management Board of PGNiG SA, Chief Operating Officer said.

PGNiG's contribution to a potential cooperation will include, among others, competences in the advanced gas exploration methods, such as three-dimensional seismic survey, the results of which the company has been using for years in well designing. These methods enabled PGNiG to discover new gas reserves in the Sub-Carpathian region in Poland. PGNiG expects that the use of these technologies in Ukraine may bring similar results.

"By attracting international partners, we intensify the pace of releasing Ukraine’s resource potential. PGNiG is a public company with high standards and successful track record of exploration and production activities both in Poland and abroad. In particular, PGNiG has proven achievements in the region bordering the Ukrainian part of the Carpathians. I am confident that together we will be able to achieve mutually beneficial synergy that will contribute to Naftogaz' strategic goal -- to help Ukraine achieve energy independence within the next 10 years by driving its natural gas production volumes," said Otto Waterlander, Chief Operating Officer of the Naftogaz Group.

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