Petroleum Africa
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Friday, January 31, 2014
Polish gas firm PGNiG is exiting its oil and gas exploration project in Egypt. The decision to exit the asset was blamed on exploration risks.
“PGNiG’s decision to back out of the Bahariya concession was made because of the future works high exploration risk and low chances of finding a substantial accumulation of hydrocarbons,” daily Rzeczpospolita quoted PGNiG’s press office as saying.
The company already took a hit in Libya with a $136 million write down, which is equal to its entire investment in a Libya. The write down was due to the project being hit by delays and military conflict.
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