Energy, Legislation, Lithuania, Oil, Transport

International Internet Magazine. Baltic States news & analytics Tuesday, 23.01.2018, 02:30

Lithuania's oil reserves shrink further, new licensing tender may be launched

BC, Vilnius, 12.01.2018.Print version
With oil reserves in Western Lithuania shrinking at an annual rate of around 10% and the probability of discovering new deposits being low, the country's oil production is expected to decline further this year, the director of the Lithuanian Geological Service said on January 11th, cites LETA/BNS.

Jonas Satkunas added that the authorities were considering launching a new licensing tender in 2018.

 

"Oil production has been decreasing since 2001, at 10-12% annually. Reserves in the oil fields that have been explored and are being operated are running low. Yes, a decline is probably inevitable (this year)," he told BNS.

 

According to the Geological Service, Lithuania's crude oil production fell by 12% in 2017 compared with 2016 to 68,000 cubic meters.

 

The director said that oil companies were looking for new deposits, but oil production was unlikely to reverse its downward trend. He said that the service was considering announcing a licensing tender in the Silute-Taurage area

.

According to Satkunas, there are great prospects for and interest in oil extraction at sea, but that requires putting the necessary legal framework in place.

 

Lithuania's explored oil reserves amount to 23.9 million cubic meters. Crude oil is extracted from onshore fields by five companies, including Lotos-Geonafta, Minijos Nafta, Manifoldas, Genciu Nafta and LL Investicijos.

 






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