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Poland's PGNiG inks exploration, production deal in UAE

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Poland's PGNiG inks exploration, production deal in UAE

Polskie Górnictwo Naftowe i Gazownictwo SA signed an agreement with United Arab Emirates regulator Ras Al Khaimah Petroleum Authority and state-owned RAK Gas LLC, allowing the Polish integrated oil and gas company to explore for and produce hydrocarbons in the emirate of Ras Al Khaimah.

Under the agreement, the consortium will work in three two-year exploration stages and a 30-year production phase. PGNiG may waive its interest in the license after each exploration stage.

The license area covers 619 square kilometers. The company won the tender for the block in December 2018.