PGNiG updates output estimates

WSE-listed gas giant PGNiG released its updated output forecasts for the 2017-2019 period. The company expects to produce 4.5 bcm of natural gas in 2017-2018, while in 2019 it plans to increase it to 4.6 bcm. In the next two years, 3.8 bcm would be extracted from Polish deposits, while in 2019 the volume would increase to 3.9 bcm For crude oil, PGNiG expects the output to reach 1.27 million metric tons this year, 1.34 million tons in 2018, and 1.23 in 2019. The revision of forecasts for crude oil output is a result of speeding up the realization of production tests at new boreholes which already increased this year’s output. Production at Norway deposits will be affected by the delay in the Gina Krog launch and temporary suspension of production on two Skarv boreholes. The previous estimate from 2016, put the gas output at 4.5 bcm this year and 4.6 bcm in 2018, while crude oil production was set at 1.32 million tons in 2017 and 1.42 million tons in 2018.