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Key investment projects and CAPEX

In 2016, PGNiG’s capital expenditures in the Exploration and Production segment amounted to PLN 830m, 16% less than in 2015. As regards exploration, capital expenditures were mainly related to drilling of appraisal wells (PLN 55m) and exploratory wells (PLN 239m), of which PLN 57m was attributable to the Wysin and Lubocino wells and PLN 26m − to the Tyczyn well. PLN 94m was spent on seismic and geophysical work, with PLN 66m of that amount allocated to 3D seismic surveys.

Expenditures on production in 2016 included PLN 210m related to drilling of production wells and PLN 178m spent on field development. Key production projects included drilling of wells on and development of the Przemyśl field (PLN 56m), development of the Radoszyn field (PLN 37m), drilling of wells on and development of the Kamień Mały field (PLN 25m) and recovery of helium from natural gas on the Kościan-Brońsko field (PLN 24m).

In 2016, capital expenditures in Norway totalled PLN 343m. In 2016, PGNiG UN and its partners continued the development of the Gina Krog and Snadd fields. Exploration and production wells on the Gina Krog field are drilled with the use Maersk, a new drilling rig placed in service in October 2015. Furthermore, in 2016 a major part of the work to construct a production platform was completed. Production from Gina Krog is scheduled to commence in 2017. In 2016, capital expenditures incurred in Pakistan totalled PLN 98m and was 81% higher than in 2015.