Polish energy giants eye potential of Carpathians

In a joint statement, the companies said “the aim of these operations is the exploration, appraisal and production of crude oil and natural gas in the Carpathians.

“As a result of the agreement, ORLEN Upstream aquired 49 percent of shares in 8 concession blocks grouped under the joint name 'Bieszczady' Project.”

Zbigniew Skrzypkiewicz, deputy chairman of the board for PGNiG's Exploration and Production wing, said that his company had been documenting the Bieszczady region of south east Poland for many years.

“I believe that gaining a new partner who offers both co-financing and experience in acquisition and interpretation of geological data, will open for us new perspectives in this area," he said.

According to the joint statement, “the agreement stipulates joint exploration works in concession blocks number 437, 438, 456, 457 and 458 and also partially on blocks number 416, 417 and 436.

“They all cover an area of over 3500 sq.km and have been issued for 2.5 to 5 years by the Ministry of the Environment.”

Poland is currently trying to diversify its energy portfolio, partly owing to its ongoing reliance on Russian gas. It was estimated that Poland had large resources of shale gas, but these forecasts have been reduced, and several international companies dropped out of their operations to tap the country's shale gas potential. (nh)

Source: TVN