PGNiG Norway to Sell Skarv Gas to PST

PGNiG Norway, a subsidiary of Polskie Górnictwo Naftowe i Gazownictwo SA, will sell its share in natural gas output from the Skarv field to PGNiG Sales & Trading. The term of the gas supply contract, valued at approximately EUR 1.3bn, is ten years.

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.

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Press Release, September 13, 2012