The agreement stipulates the framework for joint operations on the project, which is located near the Polish border in Ukraine.
The licence is our first exploration prospect in Ukraine, located in a very promising geological zone, encompassing also the Przemyśl field. We have all required technology and equipment resources, and our employees have knowledge and expertise gained over 60 years of exploration and production operations in the Rzeszów region. This provides a strong foundation for the project’s success. We are glad to have the opportunity to expand our exploration and production operations in new markets with a reliable business partner.
said Jerzy Kwieciński, President of the PGNiG Management Board.
Ukraine has substantial conventional gas reserves and a vast untapped unconventional potential. Ukraine is ranked among the top-three European countries for gas reserves. Given Ukraine’s current natural gas production, the proved reserves base is underutilized. The government’s recent deregulation efforts in the gas sector and the launch of open auctions of special permits for oil and gas extraction will attract more private companies with advanced technologies and boost gas production in Ukraine.
Energy Resources of Ukraine (“ERU”) is a group of companies with foreign investments, which specializes in the implementation of projects in the Ukrainian energy sector, combines expertise formed for over 35 years of international projects implementation with deep understanding of the local market. ERU Management Services LLC is an American parent company, which is a part of the Group and carries out trading transactions and since July 2020 is the only company to supply gas to Romania from Ukraine.
Polish Oil and Gas Company (PGNiG) deals with exploration and production of natural gas and crude oil and – through its branches and key companies from the Capital Group – with import, storage, sales, distribution of gaseous and liquid fuels, production of heat and electricity as well as geophysical and drilling services. Its subsidiaries and branches carry out exploration and production activities in Norway and Pakistan, gas sales in Germany and LNG trading through an office in London. www.en.pgnig.pl, Warsaw, Poland.
