PGNiG Norway will start gas deliveries to PST one production from the Skarv field is launched, which is scheduled for Q4 2012.

The value of the contract has been estimated based on the forecast volume of gas to be sold during the contract term.

The selling price will be determined with reference to gas prices quoted on the European Energy Exchange (EEX), and payments for gas supply will be settled in EUR.

Through PGNiG Norway, PGNiG SA holds an approximately 12% interest in the Skarv project. The field is operated by BP Norge (24% interest), and the other partners are Statoil Petroleum (approximately 36%) and E.ON Ruhrgas Norge (approximately 28%). PGNiG partners with these companies also on other licences. At present, total reserves in the Skarv licenses held by PGNiG Norway amount to approximately 70.9 million boe.

The exploration and production activities on the Norwegian Continental Shelf are managed by PGNiG Norway. The company, established in 2007, is wholly owned by PGNiG SA; its share capital is NOK 1.09bn. PGNiG Norway holds interests in 11 exploration and production licences on the Norwegian Continental Shelf. Its main asset is the interest in the Skarv field.

PGNiG Sales & Trading of Munich was established in December 2010. Its core business consists in trade in and distribution of energy. PGNiG SA is its only shareholder.

Joanna Zakrzewska

Press Officer