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PGNiG, Lotos to sign deal to seek oil off Norway

Poland’s second biggest oil group Lotos and its gas monopoly PGNiG will shortly sign a deal to explore for oil off the Norwegian coast, the country’s deputy treasury minister said on Wednesday.

“A deal between PGNiG and Lotos will soon be signed and before the end of the year we want them to jointly start taking part in concession tenders on the Norwegian shelf, Krzysztof Zuk told reporters during an economic forum at Tarnow.

Earlier this year, the treasury ministry suggested that such cooperation would allow the two state-controlled companies to share related expenses. Poland wants to lessen its reliance on Russia, which currently provides 95% of its oil needs and nearly half of its gas. (Reuters)