PGNiG plans to apply for a license for gas exploration in a tender expected within three months in Libya, the company's vice-president Stanislaw Niedbalec told the press on the company' AGM yesterday. Mr Niedbalec added that Libya's National Oil Corp plans to sell rights to explore some 20 gas fields.
Our view: We welcome PGNiG's active presence on these tenders. The company has got the experience on onshore crude oil and natural gas exploration, which could be leveraged out at international tenders and thus create shareholder value. At this stage, however, we do not expect any market reaction to the news.