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WARSAW, Poland, March 1 (UPI) -- The Polish Gas and Oil Co. announced Thursday it had bought a 15 percent stake in three mining licenses in the Norwegian continental shelf for $360 million.
At a news conference, Polish Prime Minister Jaroslaw Kaczynski called the deal a breakthrough and said it would help Poland diversify its sources of energy, the PAP news agency reported.
Economy Minister Piotr Wozniak said Poland could begin mining natural gas and crude in 2011, PAP reported.
"The company reported that the areas opened up for prospecting, which PGNiG will buy from ExxonMobil, contain 35.8 billion cubic meters of gas, 18.3 million cubic meters of oil and 5.8 million cubic meters of" Natural Gas Liquids," PAP said.
The deposits are located in the Norwegian Sea, around 125 miles west of Sandnessjoen, at the depth of between 984 feet and 1,312 feet.
The deal needs to be approved by Norway's Ministry of Petroleum and Energy and Finance Ministry. PGNiG's shareholders must also approve it.
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