POLISH GAS CHAMPION - PGNIG AND PALOMAR NATURAL RESOURCES GROUP SIGN GAS CONTRACT
Polish Oil & Gas Company - PGNiG SA signed commercial agreement with international private E&P Group Palomar Natural Resources for the purchase of natural gas that will be produced at Rawicz Gas Field in western Poland. Palomar became the first independent foreign company in Poland to start large-scale gas production.
Under the agreement Palomar will supply up to 160 million m3 of low methane natural gas. First deliveries will start as soon as infrastructure connection is completed between Rawicz Production Facility and PGNiG-owned Załęcze Gas Facility. Palomar estimates the first gas deliveries to commence as soon as Q3 2017.
“The agreement is another step to continuously increase domestic gas production. We see great potential in exploitation of this resource in Poland. Therefore apart from systematic increase of investment concentrated on the internal exploitation we have started cooperation with another foreign company” – commented Maciej Woźniak, PGNiG SA Vice-President of the Board, Trade.
“Palomar entered Poland only in 2014 and will soon become the first independent foreign company in Poland to start large-scale natural gas production. The exploration success in Rawicz gives evidence to significant potential for more discoveries and hydrocarbon production from conventional deposits in the west of Poland”, commented John Buggenhagen, CEO of Palomar Natural Resources Group.
Last week Palomar Natural Resources Group increased its engagement in Poland by buying out minority 35% interest in Rawicz and Siekierki gas fields from London-listed gas explorer San Leon Energy Plc – and became 100% shareholder.
Polskie Górnictwo Naftowe i Gazownictwo SA – PGNiG Polish Oil and Gas Company – is the leader of the Polish natural gas market. PGNiG SA is listed on the Warsaw Stock Exchange as part of WIG 20, the index of the largest Polish companies. The company’s core business includes exploration and production of natural gas and crude oil fields and, through its key subsidiaries, import, storage, sale and distribution of gaseous and liquid fuels, as well as generation of heat and electricity.
- Tomasz Rutkowski
- PR and Government Affairs Specialist
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- Palomar Natural Resources
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