Poland's PGNiG will spend 108 mln usd to search for oil and gas in Libya

WARSAW (Thomson Financial) - Poland's natural gas monopoly PGNiG will spend 'at least' 108 mln zlotys in the next six years to search and drill for oil and gas off the shore of Libya, the company said in a statement.

PGNiG today signed a deal with Libyan National Oil Corporation (NOC) to conduct a seismic surveying and drill eight wells on an area of 5,494 square km between Libya's Murzuq and Gadamesh basins in the Mediterranean Sea.

Libya last year awarded gas exploration contracts to PGNiG, Shell, Gazprom, and Sonatrach, the first ever given to foreign firms as relations warm between Tripoli and the West.

OPEC member Libya has natural gas reserves estimated at 1,314 bln cubic metres.

Source: by Piotr Skolimowski, forbes.com