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PGNiG and NIOC sign letter of intent

The Polish gas monopolist PGNiG and the National Iranian Oil Company (NIOC) have signed a letter of intent on cooperation on the Soumar oilfield, PGNiG reported in a press statement on Monday.

07.11.2016 14:40 update: 27.09.2018 01:28
Warszawa, 10.07.2012. Siedziba Polskiego Górnictwa Naftowego i Gazownictwa na ulicy Kasprzaka w Warszawie, 10 bm. (ah/awol) PAP/Andrzej Hrechorowicz Archiwum PAP © 2016 / Andrzej Hrechorowicz
Archiwum PAP © 2016 / Andrzej Hrechorowicz / Warszawa, 10.07.2012. Siedziba Polskiego Górnictwa Naftowego i Gazownictwa na ulicy Kasprzaka w Warszawie, 10 bm. (ah/awol) PAP/Andrzej Hrechorowicz Archiwum PAP © 2016 / Andrzej Hrechorowicz

According to PGNiG, crude oil reserves of the Soumar oilfield are evaluated at ca. 475 million barrels. PGNiG will take a decision on a potential investment following some 6 months of evaluation studies, PGNiG added.

"I believe that the Soumar deposit has very good prospects while the return to cooperation with NIOC is opening up new extraction opportunities for us," PGNiG CEO Piotr Wozniak was quoted as saying.

In the years 2008-2010, PGNiG cooperated with the Iranian Offshore Oil Company (IOOC), a company owned by NIOC, on the Lavan oilfield. Geofizyka Krakow from the PGNiG Group worked for NIOC in Iran in the years 2007-2013. (PAP)

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