PGNiG looking for more upstream assets

WSE-listed gas giant PGNiG hopes to increase its investment levels in H2, compared with H1 when it spent PLN 1.5 billion, the company said. “We’re analyzing the possibilities of increasing output in Norway,” company’s Deputy CEO Michał Pietrzyk said. For the whole year, the CAPEX stands at PLN 5.7 billion. “The biggest spending usually takes place towards the end of the year,” Pietrzyk explained. The company plans to increase its production in Norway to 2.5 billion cubic meters by 2022, which according to Pietrzyk will require more than one acquisition.