Skarv field boosts PGNIG production and sales

Polish oil and gas company PGNiG in 1Q 2014 sold 287 thousand tonnes of crude oil, up 38.6% relative to 207 thousand tonnes sold in the corresponding period of 2013.

In Q1 2014, crude output grew by 40%, to 322 thousand tonnes, against 229 thousand tonnes in the same period of 2013. The higher crude oil output and sales were achieved thanks to the start of production at the Lubiatów field, launched in 2013, and at the Norwegian Skarv field.

In Q1 2014, sales of gas stood at 4.9 billion cubic metres, relative to 5.6 billion cubic metres in the same period of 2013. Natural gas production remained unchanged year on year, at 1.2 billion cubic metres.

In Q1 2014, natural gas imports totalled 2.5 billion cubic metres, against 3.5 billion cubic metres in Q1 2013, with 2 billion cubic metres sourced from countries east of Poland in Q1 2014, compared with 2.8 billion cubic metres in the same quarter of 2013. Gas volumes distributed by Polska Spółka Gazownictwa totalled 3.2 billion cubic metres, against 3.9 billion cubic metres in Q1 2013.

As at March 31st 2014, the underground high-methane gas storage facilities (that is Brzeźnica, Husów, Strachocina, Swarzów, and Wierzchowice underground gas storage facilities and the Mogilno and Kosakowo underground cavern gas storage facilities) contained approximately 1.26 billion cubic meters of gas (including the mandatory stocks managed by the Ministry of Economy). This figure does not include the volume of gas managed by Operator Systemu Przesyłowego GAZ-SYSTEM SA.

The volume of PGNiG Termika’s heat sales in Q1 2014 was 15.4 PJ, compared with 18.5 PJ in Q1 2013, while its electricity sales totalled 1.39 TWh in Q1 2014, relative to 1.53 TWh in Q1 2013.

Natural gas sales and imports, gas inventory levels at storage facilities, and heat and electricity sales were driven by lower consumption, caused by higher air temperatures compared with the same period of last year. The average temperature in the first three months of 2014 was 2.9 degrees Celsius, compared with -1.4 degrees Celsius in Q1 2013.

The data for Q1 2014 are estimates and may differ from the actual data to be disclosed on May 9th 2014, when the final results for Q1 2014 are published.