Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG) and the Egyptian Ministry of Oil have signed a contract on the exploration and development of oil deposits in the Bahariya block in the Western Desert.

The contract was signed by Waldemar Wójcik, Vice-President of PGNiG SA for Oil Mining, and H. E. Eng. Sameh Fahmy, Minister of Oil of the Arab Republic of Egypt.

The estimated cost of the exploration works in the area is USD 48 million. Pursuant to the provisions of the contract, the Company will make at least two exploration drillings and 1350 km of seismic works. If any deposits are discovered, they will be developed and drilled for oil. The Bahariya block has an area of 4414.4 km2 and is situated approx. 200 km south-west of Cairo.

(OilVoice)