The launch of production from the Yme field on the Norwegian Continental Shelf is one of the key investment projects of the Gdańsk-based group. Its implementation will contribute to a major increase in LOTOS Group’s hydrocarbon production in Norway. Average production over the next five years will be approximately 5,000 barrels per day.
The focus of LOTOS Exploration and Production Norge’s activities in September has been on the submission of bids in the APA 2021 licensing round and unification of the NOAKA project interests. Thanks to these and other projects under development, LOTOS is optimising its Norwegian asset portfolio so it can be leveraged to maximum advantage with future potential secured.
PGNiG Supply & Trading (PST), a member of the Polish Oil and Gas Company Group (PGNiG), becomes the exclusive recipient of natural gas produced in Norway by LOTOS Exploration & Production Norge (LOTOS Norge), a LOTOS Group company engaged in exploration and production activities on the Norwegian Continental Shelf.
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.
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.
Twenty-five years have passed since production was launched at the B3 field on the Polish Baltic Sea, and the Tarnobrzeg tanker reached the Northern Port of Gdańsk with the first delivery of Petrobaltic’s crude oil from the field.
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.
In the first quarter of 2016, LOTOS produced over 2.5 million barrels (ca. 350 thousand tonnes) of oil equivalent (boe), which translates into a daily production volume of almost 30 thousand boe. To compare, production in the first three months of 2015 amounted to some 1 million boe. Three-fourths of the volumes come from fields in Norway, while the balance was produced in the Baltic Sea and in Lithuania.