Poland's PGNiG signs memo with Naftogaz

ua.depositphotos.com National Joint Stock Company Naftogaz of Ukraine and Poland&#39;s oil and gas company PGNiG have signed a memorandum allowing joint geological exploration of new gas-bearing areas in the western region of Ukraine, on the border with Poland. That&#39;s according to the Naftogaz press service. Read alsoFitch affirms Naftogaz at &#39;B&#39; with stable outlookThe partners mull cooperation in Berestyansky area, according to which Naftogaz entered into a production sharing agreement with the government at the end of 2020. The press service recalled that, as part of the strategy for the development of the resource base, approved in 2020, Naftogaz began implementing strategic projects to increase the resource base within the Black Sea shelf, Yuzivsky area, the Carpathian region, and new areas for which PSAs had been signed. Background On March 31, 2020, PGNiG won $1.5 billion in litigation against Gazprom in the Stockholm arbitration. Earlier, Naftogaz signed agreements on a possible joint geological exploration of hydrocarbons in the Ukrainian part of the Black Sea with the Israeli company Naphtha Israel Petroleum, as well as with the Romanian energy firm OMV Petrom. NJSC Naftogaz of Ukraine NJSC Naftogaz of Ukraine is Ukraine&#39;s largest state-owned vertically integrated oil and gas company, whose enterprises produce about 90% of gas and oil in the country. NJSC is engaged in the development of fields, oil and gas production, as well as the sale of petroleum products through its own network of gas stations. The Polish Oil and Gas Company (PGNiG) is engaged in the exploration and production of natural gas and crude oil, as well as the import, storage, sale, distribution of gaseous and liquid fuels, heat and electricity generation, as well as rendering geophysics and drilling services.

Poland's PGNiG signs memo with Naftogaz

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