Energy, Energy Market, Lithuania, Markets and Companies, Oil
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Friday, 26.04.2024, 02:01
Crude extraction in Lithuania down 15% to 77,000 cubic meters in 2016 y-o-y
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"It is a normal phenomenon, as the crude resources in the deposits we are using now are depleting. We could probably assume that the extraction was influenced by low oil prices, and the smaller deposits were sealed," Satkunas told.
In his words, corporate investments could trigger crude extraction this year.
"Oil extraction this year will depend on investments in new wells. The current investment plans may be revised. Oil extraction could also be triggered by the growing oil price," he added.
Seven companies have permits to utilize oil deposits in Lithuania, namely, Lotos-Geonafta fully controlled by the Polish concern Lotos, its Manifoldas and Genciu Nafta (Genciai Oil) (100% of shares each), as well as Minijos Nafta (Minija Oil), Danish- and Lithuanian-capital TanOil and its companies LL Investicijos (LL Investment) and Dutch-capital Diseta.
Since 1990, about 5.262 m;n cubic meters of crude has been extracted in Lithuania. Crude is currently produced in 60 wells in 15 deposits.
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