Polish exploration firm to double investment

MD says geopolitical conditions favourable for capital injection

ISLAMABAD: Polish Oil and Gas Company (PGNIC) Managing Director Andrzej Kaczorowski, while reposing trust in the investment environment in Pakistan, has announced that the company will double its investment in hydrocarbon exploration in coming years.

It is the first company that has produced tight gas - natural gas found in reservoir rocks with low permeability - in Pakistan following the unveiling of petroleum policy of 2012 by the previous government of Pakistan Peoples Party (PPP).



“The geopolitical conditions are friendly towards business in Pakistan and we will increase investment by two to three times in coming years,” he said while speaking at a press conference here on Monday along with Andrzej Maksum, Managing Director Exploration of the PGNIC Group.

“Overall investment was more than $100 million and the company is looking to double or triple it in coming years.”

The oil and gas company is engaged in exploration activities in six countries and, according to Kaczorowski, Pakistan has given a good response. He said they were producing 10 million cubic feet of tight gas per day at the testing stage.



“We are hopeful we can take the level to 30-40 mmcfd in 2016,” he said, adding they expected more exploration activities in coming years and production would likely touch 100 mmcfd in 2020.

Polish Oil and Gas Company, which came to Pakistan in 1997, has made two discoveries in the Kirthar area and is working to develop these in association with joint venture partner Pakistan Petroleum Limited.

A new gas production plant named Rahman production facility has been successfully commissioned and it will be inaugurated by Petroleum and Natural Resources Minister Shahid Khaqan Abbasi on Tuesday (today).



The plant is based on an efficient and safe design and has the capacity to process gas from new wells in the Kirthar block.

“The recent discovery at Rizq-1 exploratory well operated by the Polish company is planned to be connected to the Rahman production facility in the first quarter of 2016,” said Andrzej Maksum, Managing Director Exploration PGNIC Group. “This will be followed by the integration of Rahman-2&3 during 2016 and drilling of further development wells in succeeding years.”

Earlier, in a meeting with the petroleum minister, he stressed that the Polish Oil and Gas Company stood committed to maintaining and growing its presence in Pakistan’s hydrocarbon exploration and production sector.

He declared Pakistan was on top of the list of countries where the company was looking to invest more. The company is already working on one exploration block and having made two discoveries it is aggressively pursuing opportunities to boost its presence in Pakistan.

Published in The Express Tribune, November 17^th, 2015.

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