News - PGNiG Upstream Norway AS

22.05.2012

PGNiG SA executed an agreement on its PLN 4.5bn 5-year domestic bond programme with ING Bank Śląski SA and Bank Polska Kasa Opieki SA. The first bond issue under the programme, for an amount of up to PLN 2bn, is to take place before the end of June 2012.

18.05.2012

PGNiG Technologie Sp.z o.o. (Naftomet Branch) has entered into another contract with Orlen Upstream Sp. z o.o. providing for the supply of shale gas production equipment. The contract, providing for the manufacture of six compact wellhead and christmas tree systems, will be performed in the coming months.

17.05.2012

On May 28th 2012, Polskie Górnictwo Naftowe i Gazownictwo SA, in consultation with the President of the Energy Regulatory Office (URE), will organise workshops devoted to underlying assumptions of the Gas Deregulation Programme. The workshops are designed to help prepare a common approach to the Programme, with due consideration given, to the extent possible, to opinions and comments presented by participants of the public consultations.

15.05.2012

In the first quarter of 2012, the PGNiG Group posted a PLN 297m net profit, down by 71% from PLN 1.025bn in Q1 2011. One of the main reasons behind the decline, despite a 27% growth in revenue (to nearly PLN 9bn), was a negative margin on sales of high-methane gas (-10%). This was, in turn, primarily attributable to a 41% increase in the unit purchase price of imported gas and lack of new tariff approval, for which PGNiG had applied already in October 2011.

11.05.2012

Mr Marek Karabuła, Vice-President of the Management Board of PGNiG SA in charge of Petroleum Mining since May 12th 2012, will serve as President of the Management Board of POGC Libya B.V. Consequently, on May 11th 2012, Mr Karabuła tendered resignation from his position on the PGNiG Management Board and his position as Chairman of the Supervisory Board of POGC Libya B.V. However, Mr Karabuła will continue to serve as member of the Supervisory Board of PGNiG Norway AS.

10.05.2012

The talks between the Management Board of PGNiG SA and PGNiG SA's Union Coordination Commission, which began on Wednesday, led to the signing of a new agreement concerning introduction of an annual bonus in place of the existing bonus from profit. The new bonus will be performance-linked.

10.05.2012

On May 9th 2012, the Supervisory Board of PGNiG SA adopted a resolution approving the Management Board's proposal to the General Meeting to transfer the 2011 balance-sheet profit of PLN 1.6bn to the Company's statutory reserve funds. The PGNiG Supervisory Board also endorsed the proposal to allocate retained earnings of PLN 72.5m to the Company's statutory reserve funds.

27.04.2012

Polskie Górnictwo Naftowe i Gazownictwo SA, in consultation with the President of the Energy Regulatory Office (URE), will organise workshops devoted to underlying assumptions of the Gas Deregulation Programme. The workshops are designed to help prepare a common approach to the Programme, with due consideration given, to the extent possible, to opinions and comments presented by participants of the public consultations.

26.04.2012

PGNiG SA has executed a mandate letter appointing ING Bank Śląski and Bank Polska Kasa Opieki SA to act as arrangers for its PLN 4.5bn 5-year domestic bond programme. The first bond issue under the programme, for an amount of up to PLN 2bn, is to take place before the end of June 2012.

26.04.2012

The Management Board of PGNiG SA has resolved to recommend to the General Meeting transferring the entire 2011 balance-sheet profit of PLN 1.62bn to the Company's statutory reserve fund. The PGNiG Management Board also proposed to allocate retained earnings of PLN 72,5m to the Company's statutory reserve funds.

26.04.2012

On April 26th 2012, Elektrociepłownia Stalowa Wola signed a contract with Abener, a Spanish company and general contractor for the CCGT unit in Stalowa Wola. The contract, valued at PLN 1.57bn (VAT exclusive), provides for construction of Poland's largest gas-fired CHP plant and for long-term maintenance of the gas turbine.

24.04.2012

PGNiG Norway, a subsidiary of Polskie Górnictwo Naftowe i Gazownictwo SA, was notified by BP, the operator of the Skarv project, of postponement of oil and gas production on the Norwegian Continental Shelf from Q2 2012 to Q4 2012. The postponement is caused by a delay in installation of risers due to adverse weather conditions on the Norwegian Sea.

24.04.2012

The group of companies willing to cooperate in shale gas exploration is growing. ENEA has just joined in with TAURON Polska Energia, KGHM and PGE - the three listed companies which for several weeks now have been discussing possible cooperation in the exploration and production of unconventional gas with PGNiG.

20.04.2012

Polskie Górnictwo Naftowe i Gazownictwo SA sold approximately 5.1 billion cubic metres of natural gas in Q1 2012, against 4.8 billion in Q1 2011, setting its new record of quarterly sales.

18.04.2012

PGNiG SA's promotional video won the third place in the "2012 New York Festivals International Television & Film Awards" competition. It emerged as the best European film in the "Film and Video - Industrial Production" category. PGNiG's video is Poland's first corporate film to have been awarded in one of the world's most prestigious competitions. Entries from over 40 countries contended in this year's edition.

16.04.2012

In accordance with a decision of the President of the Energy Regulatory Office, PGNiG SA will implement a new Gaseous Fuel Storage Tariff, effective as of March 31st 2013. In the new Tariff, the average rate of charges for gas storage services will be reduced by approx. 7.9%.

13.04.2012

In response to media reports, PGNiG SA wishes to inform the public that it has no intention of purchasing shares in Slovak Gas Industry (SPP).

29.03.2012

On March 28th 2012, twenty PGNiG Group entities signed a multilateral memorandum of understanding regarding joint procurement. The MoU is designed to launch optimisation measures in each area of procurement where significant cost reduction is possible. According to the PGNiG Group's preliminary analyses, depending on the area of procurement, the measurable effect of the project will be a cut down in costs of 10%-35%. The estimated annual savings may amount to as much as several dozen million złoty.

26.03.2012

Polskie Górnictwo Naftowe i Gazownictwo SA has embarked on the next stage of exploration for shale gas in south-eastern Poland. On March 26th 2012, drilling started in the Tomaszów Lubelski licence area in the Province of Lublin. The Lubycza Królewska borehole is being drilled by PNiG Kraków, a PGNiG subsidiary, and the project is managed by PGNiG SA Sanok Branch. The ceremony organised to mark the commencement of drilling work on the first shale borehole this year was attended by Mikołaj Budzanowski, the Minister of State Treasury, and Grażyna Piotrowska-Oliwa, CEO of PGNiG SA.

22.03.2012

On March 22nd 2012, the Supervisory Board of Polskie Górnictwo Naftowe i Gazownictwo SA adopted a resolution ending the recruitment process to fill the posts of Vice-President of the Management Board for Corporate Matters and Vice-President of the Management Board for Sales. The process ended without selecting any successful candidates.