Polskie Górnictwo Naftowe i Gazownictwo and Central European Petroleum (CEP) signed agreements on joint operations in a designated part of the Lubben licence area located in the state of Brandenburg in Germany.
As part of the arrangement, the companies will carry out crude oil and natural gas exploration, appraisal and production operations. PGNiG SA’s financial commitment as part of the project is expected to exceed EUR 10m by the half of next year, the company said in a statement.
Under the signed agreements, PGNiG will acquire a 36% interest in future revenue from the potential production of crude oil and natural gas. Project partners in the designated part of the Lubben SW area include CEP (39%), the licence operator, and Rohöl-Aufsuchungs Aktiengesellschaft RAG of Austria (25%).