Energy Market, Lithuania, Markets and Companies, Oil

"In light of the likely low crude prices, the company has made changes in its operations aimed at reducing the cost price by up to 30% per barrel. This includes halting crude extraction in deposits that are not very productive and utilization of the most productive deposits only," Minijos Nafta said in a report of 2015 operations submitted to the Center of Registers.

Furthermore, the company lowered the number of staff and curtailed the working week to three days. In late 2015, Minijos Nafta had a staff of 112 people (122 in late 2014).

Last year, the average Brent crude cost 48.7 US dollars per barrel, as compared to 97.75 US dollars per barrel in 2014. Minijos Nafta refers to the forecast average crude price this year of 39.53 US dollars per barrel.

Minijos Nafta posted a revenue of 7.568 mln euros, down by 44.6%, from 13.66 mln euros, in 2014, suffering a net loss of 10.38 mln euros (EUR 80,000 in profit in 2014).

The company currently uses eight crude deposits, extracting 155,000 barrels of crude, which indicates a decline by 7.7% from 2014, with 6.534 mln barrels remaining in its deposit at the end of last year.

Poland's Lotos oil concern and Denmark's Odin Energy each own 50 % of Minijos Nafta's shares.