PGNiG To Explore In Germany, Confirms Interest in Assets Abroad

Polish Oil and Gas Company (PGNiG) signed an agreement with Central European Petroleum GmbH (CEP) for joint activities on the Lubben concession in eastern Germany. 

‘The planned financial commitment of PGNiG SA in the project until the middle of next year will exceed 10 million’ reads the note released on Tuesday, explaining that the companies will work together on prospecting, exploration and production activities.

Poland’s PGNiG SA will acquire a 36% interest. CEP (39%), which is also the operator, and the Austrian company Rohöl-Aufsuchungs RAG Aktiengesellschaft (25%) are the two partners. 

"The involvement of PGNiG in this project is part of the implementation of the strategy adopted by the Management Board, which is to increase the volume of oil and gas production abroad through the purchase of exploration and production assets. Together with our partners we plan to start drilling the first exploration borehole later this year “ Zbigniew Skrzypkiewicz, Vice-President at Exploration and Production PGNiG SA, commented.