Friday, September 12, 2008

Gas: Poland looks to Libya and Norway

Polish gas monopoly PGNiG is set to amass licences to extract 200 billion cubic metres of natural gas abroad, mainly in Norway and Libya, its chief executive said yesterday.

Michal Szubski said "Currently our proven deposits of gas in Poland stand at 100bn cubic metres," Szubski said on the sidelines of an economic forum in Krynica, southern Poland.

"I want our foreign licences to be double that and that means 200 billion."

Poland wants to lessen its reliance on Russia, which provides 95 per cent of its oil needs and half of its gas, and has tasked the state-controlled companies including PGNiG with securing its own resources.
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Published by Mike Hitchen, Mike Hitchen Consulting