Revenue generated by the PGNiG Group grew 8% year on year in the face of falling natural gas prices and rising oil prices. The Group increased volumes of sales of natural gas and electricity.
The Management Board of PGNiG S.A. welcomed the announcement by Venture Global LNG of the financial close for the Calcasieu Pass LNG facility in Louisiana, US.
To date PGNiG has dispatched 5,000 tanker trucks carrying liquefied natural gas (LNG) from the President Lech Kaczyński Terminal in Świnoujście. The largest customers are regasification stations serving communities with no access to the national gas distribution network.
Within two years, PGNiG will increase its natural gas and crude oil production by 13% and 12%, respectively. The Company expects that in 2021 it will produce 5.2 bcm of natural gas and approximately 1.4 million tonnes of crude oil both in Poland and abroad.
The first cargo of liquified natural gas under the long-term contract between PGNiG and US LNG provider Cheniere Energy arrived today at the President Lech Kaczyński LNG Terminal in Świnoujście. The long-term contract, which was signed in November of 2018, will total approximately 39 bcm of natural gas over the 24 year period of the agreement.
PGNiG Upstream Norway has acquired 20 percent shares in the Duva field – PL 636 and PL636B licenses – from Wellesley Petroleum AS. First production is expected at the turn of 2020 and 2021.
Polish Oil and Gas Company and Startup Hub Poland have invited to Poland another group of foreign startups offering innovative solutions for energy companies. The best startups will be given financial support and the opportunity to implement their projects in Poland. PGNiG is the strategic partner of the project.
Rizq-3 is the third well drilled by the Company in the Rizq field. PGNiG’s natural gas production in Pakistan is growing year by year.
The winner has been announced in the first acceleration round of Poland Prize, a governmental programme for startups, coordinated by the Startup Hub Poland Foundation and supported by PGNiG. The winning startup is Spottitt, a UK-based company that has developed a system for analysing satellite images of the earth for optimal positioning of renewable energy power plants and other projects.
Rating agency Moody’s justified its decision by referring to the strong financial standing of PGNiG, which the company would be able to maintain while implementing a major investment programme and with falling gas prices.
Geofizyka Toruń SA of the PGNiG Group is the first company in Europe to employ new seismic data acquisition technologies in searching for hydrocarbon deposits. The company is replacing the hitherto used cabled geophone networks with ultra-lightweight wireless nodal sensors. Their small size and low weight allow to conduct exploration with no harm to the natural environment and local communities.
Discovered in 2018, the new potential of Poland’s largest gas field Przemyśl estimated at 20 billion cubic meters of gas, has been confirmed by more wells, including the recent Przemyśl-304 K.
In connection with the state visit of the President of Poland, Andrzej Duda to Washington D.C., the Polish Oil and Gas Company (PGNiG) has signed, in the Eisenhower Executive Office Building of the White House, an agreement with Venture Global LNG to purchase an additional 1.5 million tonnes per annum (MTPA) of liquefied natural gas (LNG). United States Secretary of Energy, Rick Perry and Secretary of State for Strategic Energy Infrastructure of Poland, Piotr Naimski attended the signing ceremony.
PGNiG Upstream Norway and its partners decided to move to Select Phase of the project during which key technical decisions regarding the field development will be made. This will lead to a final selection of the development concept scheduled for Q3 2020.
PGNiG Upstream Norway will acquire 22.2 percent of shares in King Lear field – PL146 and PL333 licenses – from Total E&P Norge. The volume of production in the part attributable to PGNiG may reach 0.25 bcm of natural gas annually. The production start is planned for 2025.
The first well is expected to start production in June 2020. By the end of the year the next three wells will commence production. The Ærfugl project will be developed using innovative technical solutions.
The technology for pre-mining extraction of coal bed methane using hydraulic fracturing was awarded the prestigious Teraz Polska Badge of Quality in the 12th edition of the Innovation Projects Competition. The method was developed by a consortium comprising Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) and the Polish Geological Institute – National Research Institute (PGI-NRI).
The Operating Branch of Polish Oil and Gas Company in Pakistan started drilling the Rehman-6 production well in the Rehman field.
The Group’s revenue rose to PLN 14.34bn in the first three months of the year, with consolidated EBITDA at PLN 2.16bn and EBIT at PLN 1.38bn. Net profit earned by the Group came to PLN 1.06bn.