November 28th 2012 saw the consummation of an agreement whereby LOTOS Geonafta acquired the remaining 50% interest in Manifoldas. LOTOS Geonafta, which had held a 50% interest prior to the transaction, took full control over the company. Manifoldas is a successful player in Lithuania's hydrocarbon exploration and production sector. The company produces approximately 30 thousand tonnes of crude a year.
The cooperation between PGNiG and the LOTOS Group in oil and gas exploration is gaining speed. First exploration work will be carried out in four of PGNiG's licence areas situated in the region of Pomerania.
LOTOS Petrobaltic S.A. and CalEnergy Resources Poland Sp. z o.o. will cooperate in the development of B4 and B6 gas fields on the Baltic Sea. The total quantities of natural gas reserves amount to as much as 4 billion cubic metres. The two companies executed a cooperation agreement in Gdańsk on October 30th 2012.
At a meeting held on October 3rd 2012, the Supervisory Board of LOTOS Petrobaltic appointed the Company's Management Board. The Management Board consists of: Zbigniew Paszkowicz, President of the Management Board; Dariusz Wojdyński, Vice-President of the Management Board and Chief Financial Officer, and Krzysztof Sułecki, Vice-President of the Management Board and Chief Exploration and Production Officer.
On 7th of September 2012 Lotos EPN spudded its first partner operated well in Norway waters, the 7/11-13 exploration well “Geite prospect” in PL 497. LOTOS has a 10% share in this license. The well is located approximately 30 km west of the Ula filed.
The Norwegian Ministry of Oil and Energy announced January 17, 2012 new awards of production licenses offered under the APA 2011 Licensing Round.
MOPU, which will operates YME project, located on the Northern Sea was successfully installed on the location. Towing commenced at noon 24th of June and the whole installing operation came to an end on 26th of June.
LOTOS Norge will be having the most busy summer season in 2011 since the company was established in 2007. In license PL503, in the southern part of the North Sea, a large 3D seismic survey of 1560 sq km started in early June. The vessel "Artemis Arctic" operated by Dolphin Geophysical AS is the contractor for the offshore acquisition work. The acquisition period is scheduled to last into the month of August.
Grupa LOTOS shall increase by 100 thousand tonnes its annual crude oil production. It is possible thanks to sales&purchase agreement of 100% AB Geonafta’s shares, which produces crude oil on territory of the Republic of Lithuania. Closing documents were signed in Vilnius on 3rd of February. It’s another step for Grupa LOTOS corporate strategy completion, that stands for company’s crude production enhancement.
On September 16th, a ship hauling an oil platform to be installed on the YME field arrived at the port of Stavanger in Norway. With legs fitted, the platform will be towed to the field and, after the necessary preparations, it will start to operate.