LOTOS Petrobaltic, the sole company engaged in crude oil and natural gas exploration and production in the Polish economic zone of the Baltic Sea, has launched initial production from a new field. The field is the B8 oil field, holding an estimated 3.5m tonnes of oil.
Upstream activity
The initial production could be launched using LOTOS PETROBALTIC, a drilling rig that has been adapted for production operations.
“The B8 field development programme is our strategic upstream project,” said Paweł Olechnowicz, Grupa LOTOS CEO. “LOTOS Petrobaltic will produce up to 5 thousand barrels of crude oil a day from the B8 field once target production levels are reached. This is another major step by LOTOS towards strengthening Poland’s energy security and diversifying the sources of crude oil supply for the Gdańsk refinery.”
For comparison, LOTOS Petrobaltic’s average daily output in Q2 2015 was over 12.4 thousand boe. LOTOS Petrobaltic’s proven crude oil reserves (as at June 30th 2015) total 52.9 million boe.
Once full-scale production is launched, the B8 production centre will be the third-largest oil production facility in Poland. The exploration and production licence for the B8 field remains valid until 2031.
LOTOS Petrobaltic has more than forty years of experience in crude oil and natural gas exploration and production in the Baltic Sea. The company holds five licences for exploration and appraisal of mineral deposits and two exploration licences. In addition, LOTOS Petrobaltic also holds a licence for the production of crude oil and associated natural gas from the B3 field, an interest in the licence for the production of crude oil and associated natural gas from the B8 field, and interests in two licences for the production of natural gas from the B4 and B6 fields.
The total area covered by LOTOS Petrobaltic’s Baltic Sea production licences is nearly 148 km2, while the total area covered by its exploration and appraisal licences is over 7.3 thousand km2.
LOTOS Petrobaltic also conducts hydrocarbon exploration work on onshore licences in northern Poland in cooperation with PGNiG S.A.
LOTOS Petrobaltic is also present on the Norwegian Continental Shelf through LOTOS E&P Norge, which holds in total 23 licences (20 exploration and development licences and three production licences). LOTOS Norge is the operator of seven of the licences.
LOTOS Petrobaltic also owns LOTOS Geonafta, which produces crude oil from onshore fields in Lithuania. LOTOS Geonafta is the largest producer of crude oil in Lithuania.
Communication Office, Grupa LOTOS S.A., ul. Elbląska 135, 80-718 Gdańsk, Poland, Tel. No.: (+48 58) 308 87 31, (+48 58) 308 83 88, (+48 58) 308 83 55, E-mail: media@grupalotos.pl
