Lotos Could Commence Commercial Production From B4, B6 Fields in 2016

Poland’s Lotos Petrobaltic continues its cooperation with CalEnergy Resources Poland to assess the feasibility of the Baltic B4 and B6 natural gas fields, the company wrote on its website.

‘If the results are positive, commercial production is expected to commence in 2016/2017. The estimated aggregate production output of both fields is approximately 250m Nm3, while all recoverable resources of natural gas are estimated at 4bn Nm3.’

Poland’s second-largest oil refiner also said it expects to raise 1 billion zloty ($315 million) to help finance its oil field project in the Baltic Sea. To do so, the company plans to increase its share capital by issuing new shares. 

Lotos Petrobaltic holds two production and eight exploration licences in the Baltic Sea. 

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

“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,” Zbigniew Paszkowicz, President of Lotos Petrobaltic, commented in that occasion.