Petrobaltic prepares for oil bonanza off Hel Peninsula

The president of Lotos, Pawel Olechowicz says the company's strategy to manage this asset will triple its oil production by 2012. The first and smaller oil deposit is located 69 kilometers from the Hel peninsula, and over the course of the next few weeks Lotos should receive a concession for its exploitation. The company is planning for extraction to begin in 2008, a process likely to take 10 years. Petrobaltic is also preparing to tap the second deposit, which is situated 135 kilometers from the Hel peninsula.This is expected to begin around 2011-2018, continuing until 2033. The company maintains its prediction that further diversification of its oil supply will be achieved by increasing both the use of their own pools and supplies by sea from other sources. (Puls Biznesu, p.3) M.M.