Poland's biggest gas distributor PGNiG will start oil and gas exploration in eastern Germany, as part of a bigger plan to boost production assets outside Poland, PGNiG said.
The first of two planned wells is expected to be completed this year, said PGNiG, which will work with the German unit of Canadian firm Central European Petroleum (CEP) on the project.
PGNiG will spend more than 10 million euros ($10.95 million) on the project by mid-2016. Some 36 percent of the projects' revenues will go to PGNiG, 39 percent to CEP and 25 percent to Austria's Rohol-Aufsuchungs Aktiengesellschaft (RAG).
PGNiG compared the potential of the German deposit to one of its biggest deposits in western Poland - Lubiatow-Miedzychod-Grotow - which was initially estimated at around 7 million tonnes of oil.
In the first half of this year PGNiG's crude oil output was 704,000 tonnes, with half coming from its deposits outside Poland. ($1 = 0.9133 euros)
Recommended Reading
National Petroleum Council: A Realistic Path to Scaling US Hydrogen
2024-05-15 - A report by the National Petroleum Council, the culmination of about 18 months of work, offered 23 recommendations to help the hydrogen industry grow through 2050.
US EPA Expected to Drop Hydrogen from Power Plant Rule, Sources Say
2024-04-22 - The move reflects skepticism within the U.S. government that the technology will develop quickly enough to become a significant tool to decarbonize the electricity industry.
Energy Transition in Motion (Week of March 22, 2024)
2024-03-22 - Here is a look at some of this week’s renewable energy news, including a new modeling tool for superhot rock.
Oil, Gas Production Fee Set to Hit Colorado Producers
2024-05-01 - The deal reached this week will eliminate several proposed ballot measures targeting the fossil fuel industry ahead of this year's election, including one that would have halted drilling in summer months.
US Interior Department Releases Offshore Wind Lease Schedule
2024-04-24 - The U.S. Interior Department’s schedule includes up to a dozen lease sales through 2028 for offshore wind, compared to three for oil and gas lease sales through 2029.