PGNiG acquires Ukrainian gas producer
Polish gas company PGNiG has signed an agreement with Energy Resources of Ukraine (ERU) on the purchase of a controlling interest in an exploration licence in west Ukraine, the companies said on August 30.
PGNiG will acquire a 85% interest in Karpatgazvydobuvannya, which holds a licence for the Byblivska licence in the Lviv region near the Polish border. PGNiG noted that the site's geology was analogous to the Poland's largest gas field, Przemysl.
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PGNiG framed the deal as part of a broader expansion push overseas. The company is also seeking gas that can be brought back to the Polish market, helping reduce reliance on Russian supplies. It signed an investment agreement with ERU in October last year on joint upstream activity in Poland, and agreed on joint exploration work with state-owned Naftogaz in March this year.