As envisaged in the memorandum signed in December 2013, today's agreement will open the first stage of collaboration between the two companies in joint shale gas exploration projects. Under the agreement, the companies will collaborate in appraising shale gas deposits in four exploration licence areas in south-eastern Poland - two owned by PGNiG (Tomaszów Lubelski and Wiszniów-Tarnoszyn) and two belonging to Chevron (Zwierzyniec and Grabowiec).

The detailed scope and schedule of exploration work will be determined by a Joint Technical Committee appointed by both parties. The joint efforts will include drilling of an exploration well.

Pursuant to the agreement, the parties will also exchange geological data on the above-mentioned licence areas as well as experience gathered so far as part of their respective exploration activities.

If the parties move to the second stage of collaboration, their efforts will involve further exploration work in relevant licence areas. At all stages of the relationship PGNiG and Chevron intend to jointly carry out the exploration work, determine its scope and decide on the financing methods.

"By collaborating with Chevron we will be able to draw on its extensive experience in shale gas exploration. We hope that this partnership will be beneficial to both parties by allowing us to optimise the costs and improve the effectiveness of our exploration efforts," said Mariusz Zawisza, President of the PGNiG Management Board.

"As we expressed when we signed our MOU in December, Chevron Poland is delighted to partner with PGNiG in the safe and efficient exploration of energy resources," said John Claussen, Country Manager, Chevron Polska Energy Resources.

The agreement with Chevron is part of PGNiG's new policy of openness towards other companies involved in shale gas exploration projects in Poland. The collaboration will enable the parties to reduce costs, share risks, and increase the pace of the exploration work. As a result, the process of assessing potential shale gas resources in Poland will be completed sooner.

Dorota Gajewska

Press Officer