Lotos Petrobaltic to increase light crude extraction

In the first quarter of 2014, Lotos Petrobaltic S.A. extracted 1.1 million barrels of oil. In the near future, the company will undertake drilling operations in deeper waters, at a depth of 120 meters, using a recently purchased new platform, said a press release from Lotos Group. This is Lotos’ fourth oil-drilling platform. Test drilling showed the presence of natural gas and condensate (light crude oil) at the B21 concession. Through seismic photography, the location of the new platform was set within the confines of this concession. “Further drilling will confirm the presence of condensate and give an estimate of how much can be extracted in the future,” said Marek Brzozowski, Exploration Director at Lotos Petrobaltic. Last year, the company’s tests on the Baltic Sea encompassed 1200 square kilometers. Besides the Baltic, Lotos has a presence on the North and Norwegian Seas. The company strategy calls for extraction of 1.2 million tons of raw materials per year.