In accordance with the agreement, which will take effect following Environment Ministry’s approval, the partners have scheduled of their joint work for 2013.
It includes re-processing existing 2D/3D seismic data, as well as acquiring new 3D seismic.
If viable, the partners will carry out further exploration to evaluate the size of the resources and launch production.
PGNiG acting president Jerzy Kurella said, "The strategic objective pursued by PGNiG SA is to increase production from its own fields. We perform the majority of work on our own, but we know from experience, gained both in Poland and abroad, that it does make sense to conduct such projects in partnership with other operators, as this helps diversify risks and optimise the deployment of human and technical resources, to the benefit of both parties."
"The agreement with Lotos Petrobaltic S.A. is an excellent case in point. I hope that together we will achieve success," Kurella added.
Grupa Lotos vice-president and Lotos Petrobaltic president Zbigniew Paszkowicz said, "The primary business goal of the project is to increase crude oil production, while expanding LOTOS Petrobaltic’s upstream operations onto onshore areas. This is in line with the long-term development strategy of the entire LOTOS Group."
