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
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Comstock Continues Wildcatting, Drops Two Legacy Haynesville Rigs
2024-02-15 - The operator is dropping two of five rigs in its legacy East Texas and northwestern Louisiana play and continuing two north of Houston.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
US Drillers Add Oil, Gas Rigs for Second Week in a Row
2024-01-26 - The oil and gas rig count, an early indicator of future output, rose by one to 621 in the week to Jan. 26.