PGNiG and ERU to invest in natural gas production in Biblivska area

Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) has signed an investment agreement with Energy Resources of Ukraine (ERU) on a joint exploration and production project in Ukraine.

The agreement sets a general framework for cooperation and provides a schedule of further work on a project located near the Polish border in Ukraine. The strong production potential of the licence is supported by the findings of geological surveys conducted by PGNiG, which show a correlation of its geological structures with Przemy l, Poland’s largest natural gas field.

The agreement is an important step towards the launch of joint operations in the area. An important element of any investment project undertaken in Ukraine is insurance against political risks. In order to provide financial protection for the joint project of PGNiG and ERU, talks have been initiated with the US International Development Finance Corporation and Poland’s Export Credit Insurance Corporation (KUKE).

17:20 / 12 October, 2020

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