PGNiG Wins Exploration License in Libya's Murzuq Basin
On 10.07.07, Libya, through its state?owned oil company National Oil Corporation (NOC) announced the fourth bidding round for onshore and offshore hydrocarbon exploration licenses.
After successful prequalification and obtaining the status of an operator, and following to a review of geological and geophysical data, PGNiG specialists identified 3 most prospective areas and prepared the relevant bids. According to the time schedule published by NOC, the award decision was made on 9 December 2007 in Tripoli. As a result of the bidding procedure, PGNiG obtained the right to carry out exploration on the exploration and production block no. 113 located in the Murzuq petroleum basin (western Libya). The surface area of license block 113 is 5494 sq. km. The high prospectively of this area is confirmed both by the adjacent existing fields and the reported new discoveries within this petroleum basin. The signing of the relevant Exploration and Production Sharing Agreement (EPSA) with the Libyan party is expected within the next three months.
The participation in the bidding round organized by Libya is an evidence of highly proactive approach of PGNiG to overseas field exploration, as well as an element of a broader strategy of the Company.
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Company: Libyan National Oil Corporation (NOC) more info
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