Polish gas giant buys exploration rights in UAE

Photo: pixabay.com/piviso

Polish gas monopolist PGNiG has purchased the rights to explore, appraise and produce hydrocarbon reserves in the Ras Al Khaimah emirate in the United Arab Emirates, PGNIG announced in a communique.

“Polish Oil and Gas Company (PGNiG) won a tender for the acquisition of rights to exploration, to appraise and to produce hydrocarbons – in the Emirate of Ras Al Khaimah,” the company stated on its website.

“The United Arab Emirates is another country in which the Polish company was recognised for knowledge and competence in upstream activities. As a result of winning the round, the Company acquired shares in the license in the Emirate of Ras Al Khaimah with the right to exploration, to appraise and to produce hydrocarbons.”

As a result of winning the tender, PGNiG “will be obliged to conclude the Exploration and Production Sharing Agreement [EPSA] with Ras Al Khaimah Petroleum Authority and perform exploration work,” the website explained.

“The experience PGNiG has had so far in exploring oil and gas abroad is very good and it brings significant benefits to the company. The United Arab Emirates is another country where we will develop our business. It is a very promising market,” commented Piotr Woźniak, the head of the management board of PGNiG.

source: