PGNIG Makes Huge Discovery in Western Poland
Polish oil and gas company PGNiG has made a huge discovery in some newly identified fields in Western Poland. Reserve estimates are between 100 to 150 million tons, enough to help the firm increase total annual extraction by over six times to 3 million tons annually.
"The geological fields are estimated at 100 - 150 million tons but world practice indicates 20-50% of such fields can be extracted. During further exploration we will check how much oil in the new fields can be extracted," PGNiG's director for oil field exploration Stanislaw Radecki said.
The new field would allow PGNiG to significantly increase its current extraction to 2 million tons annually within 3-4 years and to 3 million tons annually at a later date.
"We plan to extract 600,000 tons of oil in 2003 against 480,000 tons in 2001, but in exploiting the new field we could increase extraction to 3 million tons annually by 2010," Radecki said.
The main oil fields from which PGNiG extracts oil are located in western Poland. Current fields are estimated at 10 million tons.
Poland's PGNiG is predominantly known as the nation's gas extractor, importer and distributor, but has also handled the nation's onshore crude drilling.
Poland imports the vast majority of its crude, and to date domestic deposits have accounted for only a fraction of the nation's total demand. Poland imported 17.2 million tons of crude oil in 2002, a full 94.5% of which came from Russia, preliminary figures have shown.