Gulf Oil and Gas accountACCOUNT

Poland's PGNiG Backs Out of Egypt Investment

Source: Reuters 1/29/2014, Location: Africa

Polish gas monopoly PGNiG has decided to back out of its oil and gas exploration project in Egypt due to geopolitical risks, it was quoted as saying.

"PGNiG's decision to back out of the Baharyia concession (in Egypt) 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 state-controlled group has already taken a $136 million writedown equal to its entire investment in a Libyan gas and oil exploration project hit by delays and military conflict, with media speculating its Pakistani investment may be next in line.

PGNiG has been looking for new sources of natural gas as Poland seeks to diversify away from Russian supplies.

It has invested in exploring for shale gas in Poland, signed a deal with Qatar for the delivery of liquefied natural gas and invested in gas extraction from conventional deposits in Poland.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Exploration News in Egypt >>

Germany >>  7/13/2020 - Tulip Oil Holding B.V. (“Tulip Oil”) is pleased to announce the latest quarterly update on its oil and gas exploration and production businesses in th...
Australia >>  7/10/2020 - Mosman Oil and Gas Limited (MSMN) the oil exploration, development and production company, announces that the relevant Minister in the Northern Territ...

Norway >>  7/9/2020 - “Deepsea Yantai”, the semi-submersible drilling rig contracted by Neptune Energy invested by China Investment Corporation, was announced to have disco...
United Kingdom >>  7/9/2020 - UK Oil & Gas PLC is pleased to announce that West Sussex County Council's ("WSCC's") Planning Committee have approved, by a significant 10-1 majority ...

Norway >>  7/8/2020 - Equinor and its licence partners Source Energy AS and Wellesley Petroleum AS have discovered gas and condensate in exploration well 30/2-5 S Atlantis....
Oman >>  7/5/2020 - Tethys Oil is pleased to announce that the Government of the Sultanate of Oman and Tethys Oil has entered into an Exploration and Production Sharing A...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

Oil & Gas Projects in Egypt >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.