Polish, Ukrainian gas giants to cooperate on exploitation, production

Energy Trade

Polish oil and gas company PGNiG and Ukraine's state oil and gas company Naftogaz Group have signed a letter of intent (LoI) on cooperation in hydrocarbon exploitation and production in Ukraine, the Polish news agency PAP reported.

"Ukraine, which has Europe's largest natural gas resources at its disposal, can be an attractive development site for PGNiG," the company wrote in a press release on Tuesday. PGNiG said it is interested in operations in west Ukraine since it borders an area where the company has been extracting gas for years.

"The available data show that the region's deposits have huge potential. Our Ukrainian partner is experienced and has precious geological data at its disposal," PGNiG deputy CEO Robert Perkowski was quoted as saying. 

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