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PGNiG and Naftogaz to jointly start hydrocarbon exploration in Ukraine

Poland’s oil and gas company PGNiG signed a Memorandum of Understanding with Ukraine’s oil and gas group Naftogaz regarding cooperation in the exploration of hydrocarbon resources and gas production in Ukraine. 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,” said Robert Perkowski, Vice-President of the Management Board of 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, potential cooperation between the two companies may lead to an increase in natural gas production in the western part of Ukraine. It will be beneficial from the point of view of the development of our companies, as well as for strengthening energy security in Central and Eastern Europe.”

PGNiG’s contribution to potential cooperation will include, among others, competencies in the advanced gas exploration methods, like three-dimensional seismic survey which results 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,” added Otto Waterlander, Chief Operating Officer of the Naftogaz Group. “PGNiG is a public company with high standards and a 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 a 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.”

Photo: Naftogaz.

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