Lotos Steps Up Efforts to Tap Poland’s Baltic Sea Reserves

Lotos Petrobaltic received its fourth offshore platform for exploration and production in Poland’s Baltic Sea. 

“As soon as the Mining Authority decides that the structure is seaworthy, the 'Lotos Petrobaltic', which is the new rig’s name, will commence operations in the Baltic Sea,” said Zbigniew Paszkowicz, President of Lotos Petrobaltic.

The jack-up rig will start drilling in March in the Gotllandia licence area, according to a note released on Wednesday. The company did not unveil the details of the operation, but it simply mentioned it resorted to a PLN 100 million loan. 

The platform, which can operate in depths of up to 120 metres, will work on the area where the company carried out a 2D and 3D seismic data program.

“All these efforts are part of the LOTOS Group’s consistent strategy of full appraisal of the Baltic Sea's production potential, and increase of own hydrocarbon production,” Paszkowicz commented. 

Lotos Petrobaltic and Polskie Inwestycje Rozwojowe (PIR), a government fund established to support infrastructure projects, concluded an agreement on October 7th 2013 for the financing of another project in the B8 field’s development, to be carried out by a special purpose vehicle.