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Poland's PGNiG takes over Ukrainian peer

Energy Trade

Photo by Pavel Kapysh / Shutterstock.com

Polish Oil and Gas Company (PGNiG) has bought a majority stake in the Ukrainian company Karpatgazvydobuvannia, holding a gas exploration license for the bordering Poland region of Lviv, reported the Polish Press Agency.

According to PGNiG, the results of the geophysical and geological tests taken so far in the area are promising.

Paweł Majewski, the company's chief executive said that they had plans to drill a well and carry out further tests in the area in the second half of 2022.

According to Majewski, the area covers over 200 square kilometers and is a geological continuation of the Przemyśl field in eastern Poland, which has been exploited for 60 years. 

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