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.

About Lotos

Grupa LOTOS is a Poland oil company engaged in the business of production and processing of crude oil, as well as wholesale and retail sale of high quality petroleum products. Grupa LOTOS is a producer and supplier of a number of products, including unleaded gasoline, diesel oil, diesel oil for heating purposes (light fuel oil), aviation fuel and heavy fuel oil. It also specialises in the production and sale of lubricating oils and bitumens.