PGNiG Signs EPSA With National Oil

Polish Oil&Gas Company-Libya BV, a subsidiary of PGNiG, has signed an exploration and production sharing agreement with the Libyan state-owned National Oil Corporation.

The exploration and production sharing agreement (EPSA) covers the area of license 113 within the Murzuq Basin. PGNiG acquired this license in December 2007, in the fourth round of the public tender for the exploration and production of natural gas.

Under the agreement, PGNiG, acting through a branch of its subsidiary, Polish Oil&Gas Company-Libya BV, has become the operator of the block, thus obtaining the rights to conduct exploration work and have a share in future production from this block, which is highly prospective, as attested to by both natural gas deposits located in the vicinity, and announcements of further new discoveries made in the area of this oil basin.