PGNiG to spend PLN 100 m on shale gas exploration in 2010

Polish Gas and Oil Company (PGNiG) plans to spend approximately PLN 100 million on shale gas exploration this year and PLN 150 million next year, Waldemar Wójcik, Deputy President of PGNiG told wnp.pl.

“This amount will probably be enough for two wells. One within the Pionki-Kazimierz concession has already been completed and the drilling of the second one is to start in November or December near Wejherowo, northern Poland” Wójcik said. He added that each well costs about PLN 60 million.

PGNiG holds 13 licenses for shale gas exploration and has applied for two more. The company intends to launch seismic surveys near Płońsk, central Poland, this year, wnp.pl informs.

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ECONOMIC MONITOR

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• ● 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.
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• In 2009 construction output increased by 3.7%.
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• Retail sales increase in most product groups.
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• On the Warsaw Stock Exchange, stock prices were very volatile in January 2010.
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• At the end of December 2009 the registered unemployment rate (claimant count rate) amounted to 11.9% versus 11.4% in November.
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• At the end of January the president signed the 2010 budget bill into law. The bill was adopted by the parliament on December 18.
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• 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.
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WEEKLY MARKET ANALYSIS

Retail sales up again in June
Retail sales growth in nominal terms accelerated in June to 6.4% y-o-y from 4.3% y-o-y in May. The increase was higher than expected. In real terms, retail sales growth accelerated to 4.5% y-o-y from 2.0% y-o-y. June was a consecutive month with retail sales figures stronger than expected, which indicates that consumption is recovering after it slowed significantly at the beginning of the year. Private consumption is driven by an improvement on the labour market coupled with a rise in disposable incomes. In Q2 2010 retail sales grew by around 3% y-o-y in nominal terms and around 1% y-o-y in real terms. On the basis of retail sales and industrial production data, it can be estimated that the GDP growth rate was close to 3%.

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