Poland’s PGNiG awarded operator status on the NCS

The Norwegian Ministry of Petroleum and Energy awarded an operator status on the Norwegian Continental Shelf to PGNiG Norway AS.

The decision of the Norwegian Ministry will allow PGNiG Norway to assume a leading role in projects pertaining to the exploration and development of offshore oil and gas deposits, the Polish Oil and Gas Company (PGNiG) said in a communiqué. ‘Obtaining an operator status constitutes an important stage of implementing PGNiG Norway's long-term development strategy and confirms that the Company plays an important role among the major international oil companies operating in the Norwegian Continental Shelf region’ Joanna Zakrzewska, the spokesperson for PGNiG is quoted in the communiqué.

PGNiG Norway's portfolio consists of eight licences on the NCS, including five on which it is conducting exploration works. In 2010 PGNiG Norway will spend approximately PLN 500 million on all investment projects. Operations on the NCS are closely connected with the plans to increase oil and natural gas extraction. The commencement of natural gas extraction in Norway is planned for the second half of 2011. If the assumed target is achieved, after 2015 at least 1.5 billion cubic metres of annual gas production will come from "equity gas" reserves on the Norwegian Continental Shelf, PGNiG estimates.

Polish Market

ECONOMIC MONITOR

download pdf

• ● In December 2009 and January 2010, as in previous months in the second half of 2009, the Polish economy stood out against other countries in terms of GDP growth. Poland’s economic growth was higher than projected and higher than in other European countries.
read more »

• In 2009 construction output increased by 3.7%.
read more »

• Retail sales increase in most product groups.
read more »

• On the Warsaw Stock Exchange, stock prices were very volatile in January 2010.
read more »

• At the end of December 2009 the registered unemployment rate (claimant count rate) amounted to 11.9% versus 11.4% in November.
read more »

• At the end of January the president signed the 2010 budget bill into law. The bill was adopted by the parliament on December 18.
read more »

• In the fourth quarter of 2009 the Polish economy turned out to be more resistant to the global crisis than had been projected and than the economies of Polish neighbours, something which boosts optimism in forecasts for 2010 and the next years.
read more »

PODCAST

• Poland and China: two partners unscathed by the crisis

• Polish artist turns around Polish-Jewish stereotypes

• Unconventional natural gas – Poland’s secret weapon

• Shock and outrage at Warsaw underground ‘saucy sheep’ mural

• Gdansk reinvents Elizabethan theatre tradition

• Poland kicks off Chopin Year

COMING UP

Fraud Risk Management >>

WEEKLY MARKET ANALYSIS

The last portion of macroeconomic data for January will be released on Friday when the National Bank of Poland (NBP) is expected to publish balance of payments figures. We estimate that the current account deficit reached EUR580 million while the consensus of the “Parkiet” daily is EUR614 million. We expect that growth in exports slowed slightly in January to 10.9% y/y. We also predict that imports had already made up for last year’s losses and rose by 7.7% y/y in January.

MARKET INFO