Orlen and PGNiG to explore gas and oil reserves in Karpaty
12:20
Orlen Upstream (a subsidiary of PKN Orlen) and PGNiG have signed an Agreement of Joint Operations (Umowa o Wspólnych Operacjach). Based on the agreement, the companies will carry out research and exploration projects in Podkarpackie voivodeship, a company press release read.
"The aim of the joint operations is exploring, locating and extracting crude oil and natural gas in the Karpaty Mountains area," Orlen also informed. In addition, the firm has acquired a 49 percent stake of eight license units (dubbed Bieszczady) and owned by PGNiG.
The area is " historically one of the most promising areas with hydrocarbons accumulation,"said Zbigniew Skrzypkiewicz, the CEO at PGNiG. Both companies have been cooperating in frameworks of two other similar projects.
