A prominent source at the Egyptian General Petroleum Authority said that Polish Oil and Gas Company will stop its exploration for oil in Egypt's western desert, after spending four years searching with no luck.
Speaking on condition of anonymity, the source said the company officially informed the authority in December that it will not extend the contract that will end in July 2014.
In 2009, the Polish company had agreed with the Egyptian government to look for petrolum in a 4.4 square kilometer radius for eight years. The preliminary phase was due to last for four years.
The company spent US$18 million during the excavation, the source added.
Meanwhile, on Sunday, the Egyptian Petroleum Ministry announced that six international companies received contracts to look for oil and natural gas in Egypt with investments exceeding $1.2 billion.
Edited translation from Al-Masry Al-Youm
