News
23.07.2007 PGNiG getting closer to field exploration in Egypt
On 18 July 2007, in Cairo, PGNiG SA initialled the Arabic and English version of the Concession Agreement for Exploration and Production of Hydrocarbons in the Arab Republic of Egypt, in the Bahariya Block. PGNiG presented also the relevant preliminary bank guarantee.
According to the information presented during ameeting with representatives of PGNiG and Egyptian General PetroleumCorporation, the Egyptian administrative procedures will enable theEgyptian party to sign the agreement within 6 to 8 months. Only thenPGNiG will be able to start the exploration efforts in Egypt.
Polish Oil and Gas Company received the informationon the award of the tender for the Bahariya exploration concession on11 June. The Bahariya Block is located approximately 200 km south-westof Cairo in the Western Desert area. During the last 10 years, a numberof significant oil field discoveries were made in the Western Desert.The Bahariya Block covers the area of 4,414.4 sq. km.
