Polish Oil and Gas to look for oil and gas in northern Africa

The best partner in this investment would be PKN Orlen due to the amount of capital required. Stanisław Niedbalec, the vice-president of PGNiG, has refused to disclose details yet as to which country the company is considering. In January this year PGNiG's subsidiary Geofizyka Kraków gained consent for research in two locations in Libya. According to Niedbalec, PGNiG should focus on gas production. However, the company may apply for a concession on mixed sources of oil and gas. PGNiG will also spend zł.700 million this year and zł.1 billion next year to increase extraction in Poland. "Our priority is building the Lubiatów-Międzychód-Grotów mine, due to which extraction of oil will at least double, reaching 1.2 - 1.5 million tons a year", said Niedbalec. The main source of PGNiG's income is oil trade, giving the company zł.700 million last year. After the investment has been completed (the end of 2008), PGNiG may increase its yearly profit by zł.0.7 billion to zł.1.05 billion. (Parkiet, 25-26.03, p. 1) J.L.