Polskie Górnictwo Naftowe i Gazownictwo SA and the Naftogaz Group have signed a letter of intent regarding cooperation in the search and exploitation of Ukrainian hydrocarbon resources. Possible cooperation concerns areas which, in terms of geology, constitute an extension of the structures operated by the Polish company for over 70 years.

"Ukraine, which has one of the largest gas resources in Europe, may be an attractive place for PGNiG's development. We are particularly interested in operating in the western part of the country, bordering on the area where we have been mining for several dozen years. The available data indicate the high deposit potential of this region. Our partner also has extensive experience and valuable geological data, therefore the potential cooperation of both companies may effectively translate into an increase in natural gas production in the western part of Ukraine. It will be beneficial both for the development of both companies and for the strengthening of energy security in Central and Eastern Europe," said Robert Perkowski, Vice President of the Management Board of PGNiG SA for Operations.

PGNiG's contribution to potential cooperation will include competence in the use of advanced search methods. For years, the company has been using, among others, three-dimensional seismic analysis when designing drillings, which allowed it to discover new gas resources in the Podkarpacie region. PGNiG hopes that the use of these technologies in Ukraine may bring similar results.

"By acquiring international partners, we are intensifying the pace of work aimed at releasing Ukraine's resource potential. PGNiG is a high-standard public company that successfully conducts exploration and production activities, also abroad. In particular, PGNiG has great achievements in the field of discoveries and effective gas extraction in Poland, in the region bordering the Ukrainian part of the Carpathians. I am convinced that together we will be able to achieve a beneficial synergy that will contribute to the implementation of Naftogaz's strategic goal, which is to support activities aimed at achieving energy independence by Ukraine within 10 years by increasing domestic natural gas production," emphasized Otto Waterlander, Chief Operating Officer Naftogaz Group.

KeyFacts Energy:   Naftogaz Ukraine country profile   l   PGNiG Ukraine country profile