Poland’s PGNiG, one of the largest players in the Polish natural gas and oil production and exploration segments witnessed a dramatic increase in profits during the previous financial year. According to recently released corporate data, the company saw profits rise 47% (in PLN terms) to PLN 2.8 billion (approximately USD 750 million) in 2014 in comparison to the preceding financial year.
According to a company statement, PGNiG exceeded its crude oil production target for 2014 by more than 30,000 tons - the final crude oil produced by the company crossed 1.2 million tons in 2014. Additionally, the company was able to achieve its natural gas production target of 4.5 billion cubic metres for the year 2014.
Revised estimates for this financial year released by the company have scaled the targeted production of crude oil and natural gas upwards in consequence.