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PGNiG: New tax will lead to closure of gas fields

WARSAW -- PGNiG will be forced to shut down some of its gas fields, which will start generating losses once new gas and oil production taxes are introduced, Polish daily Dziennik Gazeta Prawna reports, citing a PGNiG director.

Poland plans to introduce new and higher taxes on oil and gas production so the state benefits from any development of shale gas, but changes will also be applied to existing conventional gas wells, which often are close to break even levels, the report says.

The Polish government wants to promote domestic gas production, pushing state controlled companies like PGNiG, PKN Orlen towards increased domestic upstream activities in an attempt to diversify away from the country' s biggest oil and gas supplier.

Dow Jones Newswires

12/10/2012

 

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