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PKN Orlen probes Baltic oil and gas

PR dla Zagranicy
Nick Hodge 13.05.2013 13:59
Polish oil and fuel giant PKN Orlen has launched a search for oil and natural gas on the Baltic Sea's Latvian shelf.
PKN Orlen HQ: photo - wikipediaPKN Orlen HQ: photo - wikipedia

PKN
PKN Orlen HQ, Plock: wikipedia

The search is being undertaken on a concession belonging to Balin Energy, a joint venture of which the major shareholders are PKN Orlen and Kuwait Energy Company Netherlands Cooperatief.

"The search for and extraction of crude oil and natural gas is one the the pillars of the strategy adopted by PKN Orlen last year,” affirmed Jacek Krawiec, CEO of PKN Orlen in a statement sent to the Polish Press Agency (PAP).

Drills are being carried out from the so-called Ocean Nomad rig, which was towed into place about 104 km off Latvia's western coast on 10 May.

The drilling is timetabled to last for approximately forty days, and the well is expected to penetrate 1500m below sea level.

PKN is one of the largest oil firms in the world, and besides Poland, the state-controlled company has significant operations in Germany, the Czech Republic and the Baltic states. (nh)

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