Poland's PGNiG ups crude oil sales by 43% y/y in H1 of 2014, gas sales down by 7%

By bne IntelliNews July 18, 2014

Poland's blue chip PGNiG's natural gas sales declined by 7% y/y to 8.2bn cu.m. in H1 of 2014 (but was up by 3% y/y to 3.3bn cu.m. in Q2 alone), while its production was flat in the year at 2.3bn cu.m. (and flat y/y at 1.1bn cu.m. in Q2 alone). In H1 of 2014, gas imports dropped to 5.1bn cu.m. from 6.0bn cu.m. a year before (including imports from the Eastern direction at 4.5bn cu.m. vs. 5.1bn cu.m., respectively).

The firm also said that its crude oil sales increased by 43% y/y to 0.644mn tonnes in H1 of 2014, while its production rose by 33% y/y to 0.615mn tonnes. It produces oil in Poland (incl. the biggest gas and oil mine Lubiatow) as well as in Norway through its subsidiary PGNiG Upstream International.

PGNiG also reported that as at Jun 30 of 2014, its stocks of gas (including mandatory stocks managed by the minister of economy) stored in underground high-methane gas storage facilities was around 2.05bn cu.m. This volume of gas stocks does not include the volume managed by Gaz-System, the state-owned gas transmission system operator.

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