Petroleum Africa
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Monday, January 20, 2014
Exploration projects continue to take a hit in Libya due to the ongoing insecurity in the industry. PGNiG, out of Poland, took a financial hit on its exploration project in the country to the tune of a $136 million write down.
The company has taken the decision to analyze its Murzuk project’s effectiveness and reassess its estimate on the hydrocarbon resources discovered to date on the Murzuk license. Future capital expenditures and operating costs on continuing exploration in Libya will also be reassessed and changes will be made to the company’s work schedule in the country.
The PGNiG management board will decide on the future of the Libyan project once further economic and geological analyses have been completed.
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