PGNiG to spend some 2.5bn on upstream projects this year
March 20, 2013
Poland’s gas monopolist PGNiG will spend PLN 5 billion in 2013 on CAPEX, putting roughly half of the sum to upstream projects, with 33 wells to be drilled this year, the company said during a morning teleconference and in an afternoon market filing.
"As a group we are going to spend PLN 5 billion in both areas," one of the participating IR representatives said. Of the sum, "close to PLN 2.5 billion will be spent on upstream" of which "around PLN 500 to 600 million on unconventional exploration."
PGNiG plans to drill 33 wells in 2013, including 20 wells in search of conventional resources and 13 in search of unconventional gas, the firm said in a market filing on management recommendation to retain 2012 profit.
Of the total upstream expenditure of around PLN 2.4 billion, as defined in the filing, conventional wells will cost around PLN 360 million and the unconventional wells - around PLN 500 million, the firm said.
PGNiG will also continue to carry out exploration works abroad, the filing read.