PGNiG (Polish Oil and Gas Company) and Qatar-based Black Cat Engineering & Construction signed a Memorandum of Understanding to cooperate on oil and gas production projects.
The Memorandum of Understanding assumes that PGNiG and Black Cat will undertake actions for the development of a cooperation agreement in the area of hydrocarbon production. The companies wish to combine their experience and technological capabilities to prepare a joint offer for the markets of the largest crude oil and natural gas producers.
“The shared ambition of PGNiG and Black Cat is to dynamically develop our foreign operations. Our strive for excellence is deeply rooted in our values and backed by extensive, long-standing experience. I am convinced that by joining our forces we will be able to offer state of the art services, which will secure us a competitive advantage even in the most demanding and mature oil and gas markets," said Pawel Majewski, President of the Management Board of PGNiG SA.
The potential joint offer will include digital solutions developed by PGNiG as a part of the company’s “Smart Field" programme, which employs such tools as computer modelling, artificial intelligence and machine learning to increase efficiency and profitability of hydrocarbon production. PGNiG has been successfully implementing the "Smart Field" programme in Poland, where it allowed the company to increase its recoverable natural gas reserves by more than 11 billion cubic meters, approx. 12% of the proven recoverable reserves at the company's disposal.
‘Black Cat has broad expertise in EPC projects, including infrastructure for hydrocarbons transport and storage. In addition to our extensive track record of successful projects, the company's strength is its ownership structure, our agile operating model, international project management expertise and result-driven culture’ noted Paolo Borchetta, CEO of Black Cat Engineering and Construction.
As 100% Qatari owned company, Black Cat is free to operate in the member states of the Gulf Cooperation Council (GCC), which are among the world's leading hydrocarbon producers. Last year their combined production was about 937 million tons of crude oil and 407 billion cubic meters of natural gas. The proven hydrocarbon reserves of the Council's member states are about 71 billion tons of oil and 39 trillion cubic meters of natural gas.
The potential cooperation with Black Cat is another step to strengthen PGNiG's presence in the Gulf region. The company has been active here since 2018, when it was awarded an E&P licence in the emirate of Ras al Khaimah in the United Arab Emirates. Drilling of the first well is scheduled for Q3 2022. However, PGNiG and Black Cat do not intent to focus solely on the Gulf states. The scope of common interest also includes hydrocarbon-rich countries in Middle and Far East, Central Asia and Africa.