Platts: Poland's PGNiG, Lotos team up for domestic oil, gas exploration

Polish natural gas producer and distributor PGNiG and the country's second largest refiner Grupa Lotos signed an agreement on Wednesday to carry out joint exploration for oil and gas in PGNiG's Kamien Pomorski conventional block in northwest Poland.

As a result of the agreement the Gdansk-based Lotos's upstream arm, Lotos Petrobaltic, will take a 49% stake in the exploration concession located just north of the city of Szczecin. PGNiG will remain the operator with a 51% stake, the company said in a statement.

The state-controlled companies plan to analyze existing archived 2D and 3D seismic data and carry out on new 3D seismic in the 217 sq km block this year.

Apart from Kamien Pomorski, PGNiG is offering minority stakes in 19 of its conventional oil and gas blocks in Poland and is waiting for responses from companies, Jacek Murawski, the company's CFO, said during a financial results presentation that was streamed online. He added PGNiG is considering offering stakes in its 15 shale gas blocks too.  MORE