Natural gas monopolist PGNiG may begin the launch of its Lubiatow-Miedzychod-Grotow gas and oil mine, western Poland, as the mine was handed over to the firm by general contractor, which constitutes the basis for beginning start-up works, PGNiG said in a market filing.

Documented extractable oil deposits in the region of Lubiatow, Miedzychod and Grotow amount to 7.25 million tons, while those of natural gas to some 7.3 bcm.

The investment will allow PGNiG to "significantly raise natural gas production and double the extraction of oil to some 1 million tons a year," the filing reads.

Lubiatow-Miedzychod-Grotow oil field is one of the biggest on-shore oil fields in Poland. PGNiG will work on a total of 14 boreholes on oil and gas deposits.

The cost of the investment stands at PLN 1.7 billion gross.