LOTOS

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LOTOS Upstream was registered in the first half of 2017. February 1st 2018 saw company commence its business operations. It was established as part of the reorganisation of the LOTOS Group’s upstream segment. From LOTOS Petrobaltic it took over such corporate functions as strategy and business development, corporate supervision over subsidiaries, and oversight of field development operations (LOTOS Petrobaltic will continue to produce hydrocarbons from the B3 and B8 fields in the Baltic Sea).

LOTOS Upstream acquired LOTOS Exploration & Production Norge and LOTOS Geonafta on December 12th 2017 and is finalising the acquisition of shares in Baltic Gas, the company that carries out the B4/B6 project. These assets account for 80% of the segment’s current production volumes. Around 90% of the upstream capital expenditure budget set in the LOTOS Group strategy, of at least PLN 3bn, will be allocated to LOTOS Upstream Group companies. Plans are in place to expand operations into new markets. Given a ten-year track record of implementing projects in Norway, priority has been given to the neighbouring UKCS.