PGNiG and Petrolinvest to cooperate on Kazakh exploration projects

Nov 27, 2009 01:00 AM

The Polish gas monopoly PGNiG and oil venture Petrolinvest have paved the way for a future link-up and agreed to cooperate on the latter's drilling operations in Kazakhstan.
Petrolinvest, worth $ 217 mm, said state-controlled PGNiG would buy its shares and gain operational control with the possibility of acquiring the venture's key Kazakhstan assets. PGNiG's deputy chief executive said capital ties with the loss-making company were still a distant prospect.

"We have to examine the deposits on which Petrolinvest operates," Miroslaw Szkaluba told.
"If Petrolinvest offers us interesting assets to examine, we'll launch joint operations. If we offer money for joint operations and Petrolinvest has trouble adding to the pile, we want to have the possibility of acquiring assets."

Petrolinvest, an oil venture forged by one of Poland's richest men, Ryszard Krauze, made its debut on the Warsaw bourse in 2007 when equity markets were booming and promised to move rapidly to oil production, but hasso far failed to deliver.
"This surely ensures Petrolinvest will continue its operations," DI BRE analyst Kamil Kliszcz said.

"Petrolinvest seems to be under greater pressure to sign the deal than PGNiG. It's hard to say what benefits it should yield for the two companies as we don't know any details on price," he added. "I think it should not negatively impact PGNiG."
Petrolinvest has an interest, or has an option to acquire an interest for the Emba, Profit, Tyubezhik and Zhangurshi Contract areas in Kazakhstan.

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