PGNiG to Lift Foreign Oil and Gas Output as Competition Toughens
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Polskie Gornictwo Naftowe i Gazownictwo SA, Poland’s dominant gas company, plans a sixfold increase in gas and oil production abroad to counter strengthening competition on its domestic market.
The Warsaw-based utility wants to invest as much as 50 billion zloty ($14 billion), including in acquisition of exploration and production assets, as it seeks to boost foreign output to about 50 million barrels of oil equivalent by 2022, according to a new strategy for 2014-2022. Regulatory changes will “adversely affect revenues,” PGNiG said in the document published late yesterday.