Poland's gas monopolist PGNiG wins exploration license in Egypt's oil-rich Bahariya region

Poland's natural-gas monopolist PGNiG won an exploration block in an oil-rich region of Egypt, the company said in a statement Tuesday.

"On June 11, PGNiG S.A. received information the company's offer filed on November 7 for exploration on Block 3 of the Bahariya [region] in Egypt has been accepted by the Egyptian General Petroleum Company," PGNiG wrote in the statement. "This is the first bidding round for exploration concessions in Egypt PGNiG has bid for."

The exploration block PGNiG won was one of four auctioned on Monday. Egyptian firms Tharwa and Petzed, as well as Tunisian oil company HBS, won the other blocks. International majors took no part in the latest bidding round.

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The Bahariya block of 4,414.4 square kilometers is located 200 km south-west of Cairo in the Western Desert.

According to the PGNiG statement, significant reserves of crude oil have been discovered in the Bahariya region.
Source: gielda.wp.pl