Petrobaltic in talks with CalEnergy on developing Baltic Sea gas reserves

Gdansk-based Petrobaltic is holding talks with CalEnergy Gas Polska on developing four Baltic Sea natural gas reserves with a total capacity of 7.5 to 10 billion cubic meters. Petrobaltic became interested in a deal, which is valued at some zl.720 million, following the decision of Gaz de France to withdraw from negotiations. CalEnergy has since 1998 owned the concession to search and exploit gas resources in Northwestern Poland. Although both Petrobaltic and CalEnergy refused to give details of their talks, just launching the project is expected to cost zl.54 million. It is believed that the gas would be supplied to Polish Oil and Gas (PGNiG) or Zarnowiec Gas Power Plant. (Puls Biznesu, p. 6) P.J.