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Annual Report Pgnig 2013

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Annual Report Pgnig 2013 Annual Report PGNiG 2013 Annual Report PGNiG 2013 The following abbreviations and acronyms are used in this Report: • PGNiG – the parent company of the PGNiG Group, i.e. Polskie Górnictwo Naftowe i Gazownictwo SA (Polish Oil and Gas Company) • PGNiG Group – the PGNiG group of companies Contents 6 14 20 Mission Letter from the President Supervisory Board of the Management Board 8 15 24 PGNiG in Numbers Management Board PGNiG on the Stock Market 10 18 28 Key Events Letter from the Chairman Strategy for the of the Supervisory Board PGNiG Group 4 PGNiG 34 58 70 90 Exploration and Heat and electricity Employees Consolidated Financial Production generation Statements for the Year 2013 44 63 76 108 Trade and Storage Corporate Governance Environmental Protection Contact 54 66 82 Distribution Risks The PGNiG Group Annual Report 2013 5 Mission statement 6 PGNiG Our mission is to provide secure and reliable supplies of clean and environmentally friendly energy using competitive and innovative solutions. We are true and faithful to our traditions and to the trust our customers place in us, but also remain open to new challenges and changes. Acting in the best interests of our shareholders, customers and employees, we strive to be a reliable and trustworthy partner, pursuing business growth and value creation in accordance with the principles of sustainable development. Annual Report 2013 7 Letter from the President of the Letter from the Management Management Chairman of the Supervisory PGNiG on the Stock Strategy for the Exploration and Mission PGNiG in Numbers Key Events Board Board Supervisory Board Board Exchange PGNiG Group Production PGNiG in Numbers The PGNiG Group is the leader in the Polish natural gas market. Our core business is the production and sale of natural gas and crude oil. Both domestically and abroad, we are engaged in geophysical and geological research, exp loration for and production of hydrocarbons. CRUDE OIL AND NATURAL GAS LIQUIDS PRODUCTION We sell natural gas produced in Poland and also imported gas. To ensure steady and uninterrupted supplies of natural gas, we use eight modern underground gas storage facilities, with another 1,099 ths tonnes high-methane gas storage site scheduled to come onstream in the 2014/2015 storage year. Gas is supplied to our customers through more than 120 thousands of kilometres of pipeline, owned by Polska Spółka Gazownictwa. For several years, the Group has been developing its heat and power generation business, which gained new momen- tum after the acquisition of the Warsaw CHP plants in 2012. NATURAL GAS PRODUCTION PGNiG has been listed on the Warsaw Stock Exchange since September 2005. The PGNiG Group has enjoyed the growing trust and confi dence of the capital market and has been assigned excellent credit ratings. Our strong position is confi rmed 4.58 bn m³ by the fact that PGNiG shares are included in WIG20 − the blue-chip index of the Warsaw Stock Exchange. Since October 2009, our stock has also been included in the ‘RESPECT Index’ of socially responsible companies. NATURAL GAS IMPORTS 10.85 bn m³ 8 PGNiG Consolidated Heat and Financial Trade electricity Corporate Environmental Statements for the and Storage Distribution generation Governance Risks Employees Protection The PGNiG Group Year 2013 Contact DISTRIBUTION NETWORK LENGTH 122.7 ths km NATURAL GAS SALES In 2013, the PGNiG Group was ranked fi fth in the ‘Lista 500’ of the largest Polish businesses, 16.21 bn m³ compiled by the Rzeczpospolita daily. The PGNiG Group also took fi fth place in the ‘Lista 500’ of the Polityka daily, another ranking of the largest Polish companies, and was additionally awarded the ‘Golden CSR leaf’, a distinction for companies where implementation of the ISO 26000 guidance on social responsibility is a key element of their strategic business activities. HEAT SALES 40.2 PJ ELECTRICITY SALES ELECTRICITY GENERATION 7.2 TWh 3.8 TWh Annual Report 2013 9 Letter from the President of the Letter from the Management Management Chairman of the Supervisory PGNiG on the Stock Strategy for the Exploration and Mission PGNiG in Numbers Key Events Board Board Supervisory Board Board Exchange PGNiG Group Production Key Events January February March On December 31st 2012, production of crude oil On February 19th 2013, the President of the Energy PGNiG received the ‘Bulls and Bears’ award for and natural gas was commenced on the Skarv field Regulatory Office announced that all energy WSE-listed companies from Gazeta Giełdy Parkiet. at the Norwegian Continental Shelf. The PGNiG companies licenced to trade in gas fuels could This time the Company was honoured in the Group holds a 11.92% interest in the Skarv licence, apply for an exemption from the requirement to ‘WIG-20 Company of the Year’ category. while BP is the project’s operator. With the submit gas fuel tariffs for approval where gas fuels production launch, PGNiG became the first Polish are sold to energy companies for trading. PGNiG PGNiG completed final acceptance of the company to produce significant volumes of oil believes that this exemption will have a positive Lubiatów–Międzychów–Grotów oil and gas and gas under an international project. It was also effect on the liquidity of the wholesale market, production facility. The project, being one of the PGNiG’s first offshore production venture. including the exchange market, which in turn will largest and most advanced Company’s investments benefit the other gas market segment. in the recent years, increased Poland’s oil and gas production from conventional deposits. On February 1st 2013, PGNiG Poszukiwania SA was merged with five other companies of the PGNiG Group: PNiG Kraków SA, PNiG NAFTA SA, PNiG Jasło SA, PN Diament Sp. z o.o. and ZRG Krosno Sp. z o.o., all of which were active in the area of drilling and oilfield services. The completed consolidation of the exploration and oilfield service companies in the Exploration and Production segment followed from the provisions of the PGNiG Group’s ‘Short-Term Value Creation Strategy in 2012–2014’. 10 PGNiG Consolidated Heat and Financial Trade electricity Corporate Environmental Statements for the and Storage Distribution generation Governance Risks Employees Protection The PGNiG Group Year 2013 Contact April May June The PGNiG-led consortium succeeded in obtaining On May 22nd 2013, the Annual General Meeting PGNiG Upstream International AS was awarded financing for its projects as part of the first contest of PGNiG granted discharge to all members of the interests in four exploration and production held under the Blue Gas programme organised Company’s Management and Supervisory Boards licences in Norway as part of the 22nd licencing by the National Centre for Research and Develop- in respect of their duties in 2012, and made a deci- round carried out by the Norwegian Ministry of ment. The total cost of the projects amounts to sion on the distribution of net profit for the 2012 Petroleum and Energy. Two licences are located PLN 180 m, of which PLN 90 m is to be covered financial year. The dividend for 2012 was paid out in the Norwegian Sea, and the other two in the with the funds provided by the National Centre for to the shareholders from PGNiG’s net profit, which Barents Sea. Research and Development. last year amounted to PLN 1,918.5 m. PLN 767 m was allocated for the dividend payment, and the PGNiG launched natural gas production from two PGNiG and TAURON Polska Energia completed the dividend amount per share was PLN 0.13. wells in the Rehman field, located in the Kirhtar process of securing financing for the construc- licence area in Pakistan. Both production and sales tion of Poland’s largest gas-fired CHP plant, to be reached 295 m³ per minute. The gas is fed to the located in Stalowa Wola. Pakistani transmission system. Initially, during test production, the wells can provide around 100m m³ On April 5th 2014, the press published informa- of gas per year. Test production is scheduled to tion that a memorandum on the construction continue for 22 months. of the second leg of the Yamal-Europe natural gas pipeline was signed by representatives of OOO Gazprom Export and SGT EuRoPol Gaz SA. At its meeting on April 24th 2013, the PGNiG Supervisory Board heard the Management Board’s explanations of the circumstances surrounding the preparation and execution of the memorandum. Having reviewed the relevant documentation, the Supervisory Board took a negative view of the position and actions of the President of the Management Board, Ms Grażyna Piotrowska- Oliwa, and Vice-President of the Management Board, Chief Commercial Officer, Mr Radosław Dudziński. On April 29th 2013, the Supervisory Board resolved to remove Ms Grażyna Piotrowska- Oliwa and Mr Radosław Dudziński from the PGNiG Management Board. Annual Report 2013 11 Letter from the President of the Letter from the Management Management Chairman of the Supervisory PGNiG on the Stock Strategy for the Exploration and Mission PGNiG in Numbers Key Events Board Board Supervisory Board Board Exchange PGNiG Group Production July August September On July 1st 2013, pursuant to the PGNiG Group’s On August 14th 2013, PGNiG and LOTOS Petrobal- On September 11th 2013, the amended Polish ‘Short-Term Value Creation Strategy in 2012–2014’, tic SA signed an agreement for joint opera- Energy Law, called the ‘Mini Three Pack’, came the PGNiG Group executed the merger of: tion within the Kamień Pomorski licence area. into force, introducing regulations of fundamental • six gas distribution companies (Pomeranian, The objective behind the partnership was to importance, which provide for the development Greater Poland, Lower Silesian, Upper Silesian, intensify exploration projects in Poland, which of the competitive gas market in Poland, and in Carpathian and Mazovian) through the acquisi- is expected to result in increased production of particular the exchange sale obligation, i.e.
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