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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.

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