The LOTOS Group has gained the support of Prime Minister Saulius Skvernelis to expand its business activities in Lithuania. One of the subjects discussed by the Polish delegation led by Prime Minister Mateusz Morawiecki and Minister of Energy Krzysztof Tchórzewski during their recent visit in Vilnius was the Polish-Lithuanian cooperation in the energy sector, including potential partnership in oil exploration and production in the Lithuanian territorial waters.
In the first quarter of 2016, LOTOS produced over 2.5 million barrels (ca. 350 thousand tonnes) of oil equivalent (boe), which translates into a daily production volume of almost 30 thousand boe. To compare, production in the first three months of 2015 amounted to some 1 million boe. Three-fourths of the volumes come from fields in Norway, while the balance was produced in the Baltic Sea and in Lithuania.
In February 2016, total production of crude oil by LOTOS Petrobaltic, LOTOS Norge and LOTOS Geonafta, which operate in Poland, Norway and Lithuania, crossed the mark of one million barrels.
LOTOS Exploration and Production Norge AS has entered into an agreement with ExxonMobil Exploration and Production Norway to acquire a portfolio of assets in the Sleipner gas field located in the North Sea.
LOTOS Petrobaltic, the sole company engaged in crude oil and natural gas exploration and production in the Polish economic zone of the Baltic Sea, has launched initial production from a new field. The field is the B8 oil field, holding an estimated 3.5m tonnes of oil.
In the Nauta Shipyard of Gdynia, an overhaul of the LOTOS Petrobaltic drilling rig, undertaken to renew the rig’s classification certificate, has been completed. All work was designed to further improve safety-at-work and environmental performance.
Seeking to achieve a reasonable rate of return on its investment and considering the difficult situation on the global oil market, LOTOS Petrobaltic has made a decision to modify its plans for upgrading the ‘Petrobaltic’ rig. At the same time the company would like to clearly state that other work on the development of the B8 field is progressing on schedule.
LOTOS Petrobaltic S.A. has signed a contract for the conversion of its drilling rig into a production unit. The consortium of the project's contractors consists of companies controlled by Polska Grupa Zbrojeniowa S.A. (Energomontaż – Północ Gdynia and Nauta Shiprepair Yard) and a domestically-owned shipyard, Crist.
Włodzimierz Karpiński, Minister of the Polish State Treasury, and Rafał Baniak, Under-Secretary of State at the Ministry of State Treasury, have visited one of four LOTOS Petrobaltic's drilling rigs operating in the Baltic Sea.
Thanks to committed efforts by Polskie Inwestycje Rozwojowe S.A. and two banks, Bank Gospodarstwa Krajowego and Bank Pekao S.A., LOTOS will obtain financing for development of the B8 field.
The Extraordinary General Meeting of Grupa LOTOS S.A. to be held on September 8th 2014 will decide whether to approve increasing the Company's share capital by issuing new shares, which would be offered to the Company’s existing shareholders. LOTOS expects to raise approximately PLN 1bn through the issue. The proceeds will be used to finance the Company’s strategy, which envisages further investments to increase the refinery's complexity and step up hydrocarbon production. How much money is obtained from the issue will depend on the macroeconomic climate, capital market conditions, demand for the shares, and final terms and conditions of the offering.
LOTOS Exploration & Production Norge and PGNiG Upstream International have signed a letter of intent for collaboration in projects on the Norwegian Continental Shelf. The companies are to work together in the review and pursuit of potential acquisitions, and will participate together in licensing rounds held by the Norwegian Ministry of Petroleum and Energy.