PGNiG plans to boost extraction to 5.5 bn cm in 2007

Jan 13, 2005 01:00 AM

Poland's gas monopolist PGNiG plans to increase its gas extraction to 5.5 bn cm in 2007 from 4.3 bn cm in 2004, while oil extraction is expected to rise to 1.5 mm tons in 2007 from 625,000 tons in 2004, PGNiG's vice-president Mieczyslaw Jakiel told.
PGNiG's increased natural gas extraction by 6.7 % in 2004 from 2003, while crude oil extraction increased by 25 % in 2004 against 2003.

Domestic resources cover about 30 % of Poland's natural-gas consumption. The amounts of crude oil extracted by PGNiG remain a small fraction of Poland's crude-oil needs, which are at the level of around 18 mm tpy. PGNiG also increase sales of natural gas by 1 bn cm to 13.4 bn cm in 2004.
PGNiG's gas distribution companies, which PGNiG had to spin-off of its structures in 2003, have managed to record PLN 174 mm net profit in 11 months of 2004 on PLN 5.9 bn sales revenues. All of the companies had positive gross results in 11 months of 2004.

PGNiG said that it would exceed PLN 13 bn in revenues in 2004 as its volume of gas sold rises 5 % year on year. In September, the company said it had recorded a PLN 594 mm net profit for the first eight months of 2004. It reiterated that it expects to exceed its 2004 net profit forecast of PLN 397 mm, as gas prices, bolstered by rising oil prices, have risen and as the zloty has strengthened, cutting import costs.
In 2003, the company reported revenues of PLN 10.4 bn in 2003, reaching a net profit of PLN 310 mm and a gross profit of PLN 770 mm.

Source: Interfax
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