PGNiG prepares to look for oil in Egypt

The region is located around 200 kilometers south of Cairo in the so-called Western Desert and experts place the chances of finding oil deposits there at 60%. According to Egyptian procedures, the license which will be granted by the Egyptian General Petroleum Company (EGPC) has to be first approved by the relevant state authorities which may take as long as a year. "It is impossible to say when the oil mining will begin since we do not know how long it will take to receive the approval," stated PGNiG's spokesperson Tomasz Fill. (Parkiet, p. 7; Rzeczpospolita, p. B5; Puls Biznesu, p. 7) E.B.