Production from Norway’s Utgard field was launched on September 16th 2019. The project had been completed about three months ahead of schedule with about 25% savings compared to the assumed budget. LOTOS Exploration & Production Norge (LOTOS Norge) is a partner in the licence, operated by Equinor. The field is an important part of the LOTOS strategy in exploration & production.
Drilling operations in licence PL442 in the NOAKA area in the North Sea discovered recoverable oil resources estimated at 80–200 mboe (barrels of oil equivalent). Aker BP operates the licence (90.26%) in partnership with LOTOS Exploration & Production Norge (9.74%).
Offshore Northern Seas (ONS), one of the largest and most prestigious showcase events for the offshore oil and gas industry in the world, takes place in Stavanger, called the Norwegian capital of the oil industry, from August 27th to August 30th 2018. LOTOS stand presents the Group’s activities in oil and gas exploration and production. ONS is a biennial event, held in Stavanger since 1974.
February 1st saw LOTOS Upstream commence its business operations. Its group already includes LOTOS Norge and LOTOS Geonafta, which will soon be joined by Baltic Gas. The plan is to expand operations into new areas, with priority given to the UK Continental Shelf, with the ultimate goal of doubling the LOTOS Group’s production volumes.
The LOTOS Group has gained the support of Prime Minister Saulius Skvernelis to expand its business activities in Lithuania. One of the subjects discussed by the Polish delegation led by Prime Minister Mateusz Morawiecki and Minister of Energy Krzysztof Tchórzewski during their recent visit in Vilnius was the Polish-Lithuanian cooperation in the energy sector, including potential partnership in oil exploration and production in the Lithuanian territorial waters.
On January 16th 2018, LOTOS Exploration and Production Norge AS (“LOTOS Norge”) was offered two new exploration and production licences by the Norwegian authorities in the APA 2017 round.
A new crude oil field discovered in the Norwegian sector of the North Sea opens up new opportunities for LOTOS Norge’s growth and adds to its production potential.
A breakthrough was made towards redevelopment of the Norwegian Yme field, in which LOTOS Norge holds a 20% interest. The faulty production platform has just been removed from the field, to facilitate further work on its full development.
Statoil, LOTOS Norge and Total Norge, which together hold the Utgard licence (formerly Alfa Sentral), have submitted the Plan for Development and Operation of the licence to the Norwegian and British regulators. Production from the Utgard field is scheduled to start in late 2019.