Glossary and converters

EBITDA – ear­nings be­fo­re in­te­rest, ta­xes, de­pre­cia­tion and amor­ti­za­tion

EBIT – ear­nings be­fo­re in­te­rest and ta­xes

ROE – re­turn on equ­ity, net pro­fit to equ­ity at end of pe­riod

ROA – re­turn on as­sets, net pro­fit to as­sets at end of pe­riod

P/E – pri­ce­/e­ar­nings ra­tio, sha­re pri­ce / net ear­nings per sha­re at­tri­bu­ta­ble to owners of the pa­rent

P/BV – pri­ce­/bo­ok va­lue ra­tio, sha­re pri­ce / bo­ok va­lue per sha­re

EV/EBITDA – en­ter­pir­ses va­lu­e/ EBITDA, mar­ket ca­pi­ta­li­sa­tion at clo­se of tra­ding on last ses­sion day in fi­nan­cial year + net debt at end of fi­nan­cial year / ear­nings be­fo­re in­te­re­sts and ta­xes in fi­nan­cial year + to­tal de­pre­cia­tion and amor­ti­sa­tion in fi­nan­cial year

Di­vi­dend per sha­re – di­vi­dend for pre­vio­us fi­nan­cial year / num­ber of sha­res out­stan­ding

ACER – Agen­cy for Co­ope­ra­tion of Ener­gy Re­gu­la­tors, an or­ga­ni­za­tion that aims to co­or­di­na­te and support the co­ope­ra­tion of na­tio­nal re­gu­la­tors

Act of Emer­gen­cy Stocks – Act on Stocks of Cru­de Oil, Pe­tro­leum Pro­ducts and Na­tu­ral Gas, and on Ru­les to be Fol­lo­wed in the Event of Th­re­at to Na­tio­nal Fu­el Se­cu­ri­ty or Di­srup­tions on the Pe­tro­leum Mar­ket of Fe­bru­ary 16th 2007 (con­so­li­da­ted text: Dz.U. of 2017, item 1210, as amen­ded)

Act on Spe­cial Hy­dro­car­bon Tax – Act on Spe­cial Hy­dro­car­bon Tax of Ju­ly 25th 2014 (con­so­li­da­ted text: Dz.U. of 2016, item 979)

APA – awards in pre­de­fi­ned are­as

Bar­rels (bbl) – 1 bar­rel is equ­al to ap­pro­xi­ma­te­ly 0.136 ton­nes or 159 li­tres

BAT – Best Ava­ila­ble Tech­no­lo­gy, re­fe­ren­ce do­cu­ment for LCP (Lar­ge Com­bu­stion Plant)

Boe – bar­rel of oil equ­iva­lent (1 bar­rel is equ­al to ap­pro­xi­ma­te­ly 0.136 ton­nes or 159 li­tres)

Brent oil – a blend of cru­des pro­du­ced from fields in the North Sea

CNG – com­pres­sed na­tu­ral gas, na­tu­ral gas com­pres­sed to a pres­su­re of 20-25 MPa

CO₂ – car­bon dio­xi­de

Co­al bed me­tha­ne – form of na­tu­ral gas extrac­ted from co­al beds

Da­ily Ra­te – the ra­tes a dril­ling con­trac­tor re­ce­ives for a dril­ling rig from an oil com­pa­ny or ope­ra­tor

Di­ver­si­fi­ca­tion Re­gu­la­tion – The Co­un­cil of Mi­ni­ster­s’ Re­gu­la­tion of Oc­to­ber 24th 2000 on the mini­mum le­vel of di­ver­si­fi­ca­tion of fo­re­ign so­ur­ces of gas sup­plies (Dz.U. of 2000, No. 94, item 1042)

EEX – Eu­ro­pe­an Ener­gy Exchan­ge – Ger­man gas hub, a vir­tu­al na­tu­ral gas tra­ding in Ger­many

EFET – fra­me­work for agre­ements, an exam­ple of the stan­dard con­tract for the ener­gy mar­ket

Ener­gy Ef­fi­cien­cy Act – The Ener­gy Ef­fi­cien­cy Act of May 20th 2016 (Dz.U. of 2016, item 831)

Ener­gy Law – The Ener­gy Law of April 10th 1997 (con­so­li­da­ted text: Dz. U. of 2017, item 220 as amended)

ENTSO-E – Eu­ro­pe­an Ne­twork of Tran­smis­sion Sy­stem Ope­ra­tors for Elec­tri­ci­ty, or­ga­ni­za­tion of Europe­an trans­mis­sion sys­tem ope­ra­tors

ENTSOG – Eu­ro­pe­an Ne­twork of Tran­smis­sion Sy­stem Ope­ra­tors for Gas, as­so­cia­tion of Eu­ro­pe­’s trans­mis­sion sys­tem ope­ra­tors

ESPA (Explo­ra­tion and Pro­duc­tion Sha­ring Agre­ement) – agre­ement conc­lu­ded in 2008 be­twe­en POGC Li­bya and the Go­vern­ment of Li­bya for explo­ra­tion work in the Mu­rzuq pe­tro­leum ba­sin in Li­bya (license No. 113)

ETS – Eu­ro­pe­an Union Emis­sion Tra­ding Sche­me

Fe­de­ral Re­se­rve Sy­stem (Fed) – the cen­tral ban­king sys­tem of the Uni­ted Sta­tes

FPSO (Flo­ating Pro­duc­tion, Sto­ra­ge nad Of­flo­ading Unit) – a flo­ating ves­sel used for of­fsho­re production of hy­dro­car­bons, and for sto­ra­ge and of­flo­ading of the pro­du­ced oil.

Ga­spo­ol (GPL) – Ger­man gas hub, a vir­tu­al na­tu­ral gas tra­ding in nor­thern Ger­many

GSP – Gas Sto­ra­ge Po­land

Hi­gh-ef­fi­cien­cy co­ge­ne­ra­tion – con­cur­rent ge­ne­ra­tion of he­at and elec­tric ener­gy, de­li­ve­ring primary ener­gy sa­vings of mo­re than 10%.

IED – di­rec­ti­ve 2010/75/EU of the Eu­ro­pe­an Par­lia­ment and of the Co­un­cil of No­vem­ber 24th 2010 on in­du­strial emis­sions (in­te­gra­ted pol­lu­tion pre­ven­tion and con­trol)

LNG – li­qu­efield na­tu­ral gas, Na­tu­ral gas con­den­sed in­to li­qu­id form

Na­tu­ra 2000 – a ne­twork of spe­ci­fic ty­pes of na­tu­ral ha­bi­tats and wil­dli­fe spe­cies which are con­si­de­red to va­lu­able and en­dan­ge­red at the Eu­ro­pe­an le­vel, co­ve­ring al­most 20% of Po­lan­d’s on­sho­re ter­ri­to­ry

NBP – Na­tio­nal Ba­lan­cing Po­int, Bri­tish gas hub, a vir­tu­al na­tu­ral gas tra­ding in Uni­ted King­dom

Net Con­nect Ger­ma­ny – Ger­man gas hub, a vir­tu­al na­tu­ral gas tra­ding in so­uthern Ger­many

NGL – na­tu­ral gas li­qu­ids – com­po­nents of na­tu­ral gas that are se­pa­ra­ted from the gas sta­te in the form of li­qu­ids

OECD – Or­ga­ni­sa­tion for Eco­no­mic Co­-o­pe­ra­tion and De­ve­lop­ment

OGP GAZ-SYSTEM S.A. (Ope­ra­tor Ga­zo­cią­gów Prze­sy­ło­wych Ga­z-Sy­stem SA) – sta­te­-ow­ned company who­se key ro­le is to han­dle the trans­port of ga­se­ous fu­els via the trans­mis­sion ne­twork in Poland.

OPEC – Or­ga­ni­za­tion of the Pe­tro­leum Expor­ting Co­un­tries – as­so­cia­ting co­un­tries that ac­co­unt for abo­ut 40% of glo­bal oil pro­duc­tion

PGNiG Up­stre­am Nor­way AS – for­mer­ly PGNiG Up­stre­am In­ter­na­tio­nal AS

Po­lish Po­wer Exchan­ge, To­wa­ro­wa Gieł­da Ener­gii SA – a com­mo­di­ty exchan­ge li­cen­sed by the Po­lish Fi­nan­cial Su­pe­rvi­sion Au­tho­ri­ty for tra­ding in elec­tri­ci­ty, li­qu­id and ga­se­ous fu­els, elec­tri­ci­ty gene­ra­tion and emis­sion vo­lu­me li­mits, pro­per­ty ri­ghts in­cor­po­ra­ted in cer­ti­fi­ca­tes of ori­gin for electricity, etc.

PST – PGNiG Sup­ply & Tra­ding

Re­co­ve­ra­ble re­se­rves – va­lu­es cor­re­spon­ding to pro­ba­bi­li­ty (re­spec­ti­ve­ly 90%, 50% and 10%) that the ac­tu­al vo­lu­me of es­ti­ma­ted gas re­se­rves is lar­ger than the es­ti­ma­te.

Re­ga­si­fi­ca­tion – the pro­cess of co­nver­sion of gas from li­qu­id to ga­se­ous form by he­ating

REMIT – Re­gu­la­tion (EU) No. 1227/2011 of the Eu­ro­pe­an Par­lia­ment and of the Co­un­cil of Oc­to­ber 25th 2011 on who­le­sa­le ener­gy mar­ket in­te­gri­ty and trans­pa­ren­cy, which is bin­ding on all par­ti­ci­pants of the elec­tri­ci­ty and na­tu­ral gas who­le­sa­le mar­ket

Se­ismic 2D – re­flec­tion se­ismo­lo­gy su­rveys con­si­sting in re­gi­stra­tion of se­ismic wa­ves ge­ne­ra­ted from a po­int and re­cor­ded along a de­si­gna­ted li­ne

Se­ismic 3D – re­flec­tion se­ismo­lo­gy su­rveys con­si­sting in re­gi­stra­tion of se­ismic wa­ves ge­ne­ra­ted from a po­ont and re­cor­ded over a de­si­gna­ted area

Sha­le gas – a ty­pe of un­co­nven­tio­nal gas, pro­du­ced from se­di­men­ta­ry sha­le rock lo­ca­ted de­ep undergro­und

SO₂ – sul­fur dio­xi­de

SoS Re­gu­la­tion – Re­gu­la­tion (EU) No. 994/2010 of the Eu­ro­pe­an Par­lia­ment and of the Co­un­cil of Oc­to­ber 20th 2010 con­cer­ning me­asu­res to sa­fe­gu­ard se­cu­ri­ty of gas sup­ply

Sy­stem Re­gu­la­tion – Re­gu­la­tion of the Mi­ni­ster of Eco­no­my of Ju­ly 2nd 2010 on spe­ci­fic con­di­tions for the ope­ra­tion of the gas sys­tem (con­so­li­da­ted text: Dz.U. of 2014, item 1059, as amen­ded)

Ta­riff Re­gu­la­tion – Re­gu­la­tion of the Mi­ni­ster of Eco­no­my of Ju­ne 28th 2013 on de­ta­iled ru­les for deter­mi­ning and cal­cu­la­ting ta­riffs for gas fu­els and on set­tle­ment of trans­ac­tions in gas fu­els tra­de (Dz. U. of 2013, item 820)

Third Par­ty Ac­cess (TPA) – the prin­ci­ple that the owne­r/o­pe­ra­tor of in­fra­struc­tu­re has the obli­ga­tion to ma­ke this in­fra­struc­tu­re ava­ila­ble to third par­ties ena­ble them to pro­vi­de sup­plies to the­ir own customers

Ti­ght gas – na­tu­ral gas trap­ped in iso­la­ted po­res of low per­me­abi­li­ty rocks such as sand­sto­nes or carbona­tes

Ti­tle Trans­fer Fa­ci­li­ty – Dutch ener­gy exchan­ge, a vir­tu­al na­tu­ral gas tra­ding po­int in the Netherlands

Un­der­gro­und gas sto­ra­ge fa­ci­li­ties – sto­ra­ge fa­ci­li­ties lo­ca­ted in two dif­fe­rent ty­pes of geo­lo­gi­cal struc­tu­res – salt ca­verns (un­der­gro­und gas sto­ra­ge ca­vern fa­ci­li­ties) or par­tly de­ple­ted oil or gas reservoirs