8
PGNiG
Key Events
January
Following the completion of the APA 2009 licensing
round, PGNiG Norway was awarded a 15-percent
interest in the PL558 exploration and production
licence on the Norwegian Continental Shelf by the
Norwegian Ministry of Hydrocarbons and Energy.
Direct operatorship of the licence was awarded to
E.ON Ruhrgas Norge AS (30-percent interest). The
licence area is located in the immediate vicinity
of the Skarv feld and is adjacent to the PL350
license, in which PGNiG Norway holds a 30-percent
interest.
A trilateral Memorandum of Understanding
between PGNiG, OAO Gazprom Export, and SGT
EuRoPol GAZ SA was signed in Moscow. The Memo‑
randum provided for an extension of the Yamal
Contract for the supplies of natural gas from Russia
to Poland until December 31
st
2037, as well as for
an option to increase the volumes supplied under
the Contract to a maximum level of 10.2 billion
cubic meters. Furthermore, PGNiG and Gazprom
Export agreed to introduce relevant amendments
to the Contract. Additionally, the Memorandum of
Understanding provided for extending the contract
for the transit of natural gas through the Polish
section of the Yamal pipeline owned by EuRoPol
GAZ until 2045, with the other terms and condi‑
tions remaining unchanged.
February
The Norwegian Ministry of Hydrocarbons and
Energy awarded PGNiG Norway the status of an
operator on the Norwegian Continental Shelf. The
decision of the Norwegian Ministry will enable
PGNiG Norway to take on the leading role in proj‑
ects involving exploration for and development of
offshore oil and gas deposits. The status of an op‑
erator confrms that the PGNiG Group’s experience
and resources meet the highest global standards of
the petroleum industry.
March
PGNiG executed a regasifcation services contract
with Polskie LNG SA of Świnoujście. Under the
contract, Polskie LNG will provide PGNiG with
LNG regasifcation services at the LNG terminal in
Świnoujście for a period of 20 years, starting from
July 1
st
2014. The contract provides for at least
ten calls of LNG tankers at the terminal annually,
unloading and receiving of the LNG through the
terminal, regasifcation of the LNG, injection of the
regasifed LNG into the transmission system and
loading of the gas into tanker trucks. The value of
the agreement throughout its term is estimated at
approx. PLN 13bn.
April
On April 30
th
, Mr Mirosław Dobrut resigned from
the position of Vice-President of the Management
Board of PGNiG for Gas and Trade. The reason for
Mirosław Dobrut’s resignation was his appoint‑
ment as President of the Management Board of
SGT EUROPOL GAZ SA.
May
PGNiG SA, PGNiG Energia SA, TAURON Polska
Energia SA and Elektrownia Stalowa Wola SA
signed a project execution agreement concern‑
ing “Construction of a CCGT Unit in Stalowa Wola”.
The agreement defnes the rules of preparing and
executing the investment process involving the
construction of an approx. 400 MW CCGT Unit in
Stalowa Wola. Depending on the load of the CCGT
Unit, the annual requirement for gas fuel will
amount to approximately 0.5 – 0.6 billion cubic me‑
tres of natural gas. The gas fuel will be supplied by
PGNiG. The project is to be executed till 2014. The
upper limit of the agreement’s value was set by the
parties at PLN 1.95bn (VAT exclusive).
Mr Marek Karabuła, member of PGNiG’s Superviso‑
ry Board, was delegated by the Supervisory Board
to temporarily stand in as member of PGNiG’s
Management Board – Vice-President for Gas and
Trade – in the period from June 1
st
to August 31
st
2010.
The President of the Energy Regulatory Offce
approved a new tariff for the supplies of gas fuels,
which remained in force from June 1
st
to November
30
th
2010. In accordance with the new tariff, the
prices of high-methane gas went up by an average
of 4.8%. The average increase in the price of high-
methane gas was due to higher costs of purchase
of imported gas and higher costs connected with
the obligation to set up and maintain stocks of nat‑
ural gas. Taking into account a change in network
rates, the average amount of total charges related
to the supplies of high-methane gas to customers
rose by 3.3%.
June
PGNiG Norway and its licence partners made the
Snadd North discovery within the area covered
by the PL212 licence, near the Skarv oil and gas
feld. According to initial estimates, the recover‑
able reserves of the Snadd North feld may range
between 9 and 16 billion cubic meters of natural
gas (between 57 and 100 MMboe). PGNiG Norway
holds a 11.9-percent interest in the newly discov‑
ered gas feld.
PGNiG signed an agreement with six banks con‑
cerning a note issue programme for up to PLN 3bn.
Under the programme, effective until July 31
st
2013,
PGNiG will be able to issue discount and coupon
notes with maturities ranging from one month to
one year. The issue is underwritten by the banks.
Proceeds from the frst issue were used to repay
a multi-currency loan which matured on July 27
th
2010, while proceeds from subsequent issues will
be used for general liquidity purposes.
PGNiG and Grupa LOTOS SA entered into a
comprehensive fuel supplies agreement for an
indefnite term starting from December 16
th
2011
(upon a reasonable request of Grupa LOTOS SA,
the gas supplies start date may be postponed by
six months). The annual supplies of natural gas
will amount to 403 million cubic meters in 2012,
while the target annual volume is 447 million cubic
meters. The estimated value of the agreement over
fve years amounts to approx. PLN 2.208bn.
PGNiG Norway purchased a 10-percent interest in
the PL326 licence on the Norwegian Continental
Shelf under an agreement with Statoil Petroleum
A/S. The licence is operated by Norske Shell A/S
(50-percent interest). The licence, under which the
Gro natural gas feld was discovered, comprises
four blocks with a total area of 1,671 square
kilometres. The presence of gas accumulation was
confrmed by well 6603/12-1 in 2009. The recover‑
able reserves of natural gas have been described
as signifcant.
Mission
Key Figures
Key Events
Letter from the
President of the
Management
Board
Management
Board
Letter from the
Chairman of the
Supervisory Board Supervisory Board
PGNiG on the Stock
Exchange
Strategy for the
PGNiG Group
until 2015
Exploration
and Production